Match Group price target lowered to $35 from $47 at RBC Capital

RBC Capital analyst Brad Erickson lowered the firm’s price target on Match Group (MTCH) to $35 from $47 but keeps an Outperform rating on the shares. The company’s Q3 report was another tough one as it continues seeking ways to improve Tinder payer penetration via product & pricing changes though it has once again encountered an unexpectedly worse churn reaction from the latest unbundling of certain features previously inside the subscription, the analyst tells investors in a research note. RBC adds that its suspicions of the online dating market continuing to show no growth or maturity also remain.