TD downgrades Bumble to Hold on uncertain recovery timing

TD Cowen downgraded Bumble to Hold from Buy with a price target of $7.50, down from $22. The analyst says the company’s near-term growth opportunity is uncertain due to worsening paying user trends at the Bumble app and broader industry headwinds. While Bumble’s product updates are positive, the timing and magnitude of any recovery is uncertain, the analyst tells investors in a research note. TD believes Bumble’s lack of a portfolio “doesn’t allow for offsetting growth from other brands.”