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Benzinga
Benzinga
Business
Anusuya Lahiri

Wolfe Research Sees Sharp Upside In Match Group, Bets On Online Dating, Apple

  • Wolfe Research analyst Deepak Mathivanan initiated coverage of Match Group Inc (NASDAQ:MTCH) with an Outperform rating and $163 price target in a note partially titled "A Lot to Love." 
  • The price target implies an upside of 25%.
  • Mathivanan believes that online dating is one of the few categories on the Internet where there is still significant room left for secular penetration gains. 
  • Online dating should benefit from mid-term post-pandemic tailwinds, Tinder "remains a juggernaut," Hinge is seeing strong growth, and its story is still in the early innings. 
  • Apple Inc's (NASDAQ:AAPL) App Stores fee change could "nicely" boost Match's EBITDA margin.
  • Match provides online dating products with a vast portfolio of different online dating service providers, including Tinder, Match.com, OkCupid, PlentyOfFish, and Meetic.
  • Price Action: MTCH shares traded lower by 2.92% at $130.31 on the last check Tuesday.
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