These Analysts Boost Their Forecasts On Match Group Following Upbeat Sales

Author: Avi Kapoor | August 01, 2024 01:46pm

Match Group, Inc. (NASDAQ:MTCH) reported better-than-expected second-quarter revenue results and issued strong third-quarter revenue guidance, after the closing bell on Tuesday.

Match Group reported quarterly earnings of 48 cents per share, in-line with the analyst consensus estimate. Quarterly sales clocked in at $864 million which beat the analyst consensus estimate of $856.4 million and is a 4.15% increase from the same period last year.

"Match Group delivered Q2 results that were slightly ahead of our expectations for both Total Revenue and Adjusted Operating Income, despite incremental FX headwinds and Canada’s abrupt enactment of a retroactive Digital Services Tax," said Bernard Kim, Match Group's CEO.

Match Group shares fell 4.7% to trade at $36.34 on Thursday.

These analysts made changes to their price targets on Match Group following earnings announcement.

• Truist Securities analyst Youssef Squali maintained Match Group with a Hold and raised the price target from $33 to $37.
• Stifel analyst Mark Kelley maintained the stock with a Hold rating, while increasing the price target from $34 to $39.
• RBC Capital analyst Brad Erickson maintained Match Group with an Outperform and raised the price target from $33 to $47.
• Deutsche Bank analyst Benjamin Black maintained the stock with a Buy and raised the price target from $38 to $45.
• Goldman Sachs analyst Alexandra Steiger maintained Match Group with a Buy, while boosting the price target from $39 to $45.

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Posted In: MTCH