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Bumble Shares Rise After KeyBanc Upgrade

Sam Boughedda
Sam Boughedda trader
Updated 10 Jan 2023

Bumble (NASDAQ: BMBL) shares are up premarket Tuesday after the stock was upgraded to Overweight from Sector Weight at KeyBanc.

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YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


The Bumble share price, at the time of writing, has gained over 3.4%, adding to Monday’s more than 2% rise. However, it is down 36% in the last 12 months.

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YOUR CAPITAL IS AT RISK. 68% OF RETAIL CFD ACCOUNTS LOSE MONEY

Analyst Justin Patterson set a $27 price target on Bumble shares, telling investors in a research note that credit and debit card data indicates that payer trends remained solid in December.

In addition, the analyst said he is that when coupled with Bumble’s international ramps, product initiatives, and moderating currency headwinds, he is “increasingly confident” that the core Bumble app can maintain a 20% annual revenue growth. He views the shares as having an attractive risk/reward at current levels.

The positive sentiment on the stock is shared by BofA analyst Nat Schindler who initiated coverage of Bumble with a Buy rating and a $29 price target.

Schindler told investors in a research note at the time that Bumble is a “highly regarded brand in an ultra-competitive industry.”

Bumble owns online dating apps Bumble, Fruitz, and Badoo, and its namesake app is “one of the top three dating apps in the world by revenue, possesses high ratings and NPS scores, and has further room for expansion,” the analyst said.

Overall, out of 15 analysts, ten have a Buy rating on the stock, with five assigning it a Hold rating, according to TipRanks. The average price target is $25.33.


YOUR CAPITAL IS AT RISK. 81% OF RETAIL CFD ACCOUNTS LOSE MONEY.


Sam Boughedda
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.