Match Group Investors Rejoice In Spite Of A Catfish Lawsuit
Match Group stock rises almost 5% after a lovers’ long weekend
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Since close of business Friday, Match Group’s (NASDAQ: MTCH) stock has risen almost 5%. While we’d all like to believe this was down to a particularly amorous weekend of swiping, the bump has been attributed to the analyst company Nomura upgrading the stock from a ‘neutral’ to a ‘buy’, setting a target price of $88 per share.
Nomura Holdings looked at the potential downside of an upcoming lawsuit against the Tinder parent company from the Federal Trade Commission and deemed it to be limited, declaring the “$60 million penalty would be insignificant.” The lawsuit in question is reprimanding Match Group for “fake love interest advertisements” in order to fraudulently obtain sign-ups. It seems the catfishing goes to the very top!
With the launch of Facebook (NASDAQ:FB) Dating, Match’s stock has seen a slight downturn from its August highs of $91.77 per share, however we’ve outlined why Tinder shouldn’t be afraid of Facebook and are fully supportive of waving a heart-shaped red flag in front of this bull market.
Match Group’s Outlook
The company is one of our top gainers here on the MyWallSt app and for good reason. With a move in July that allowed Tinder to bypass the Play Store’s cut of its subscription fees, the launching of its own original content, and an ongoing expansion into Asian markets, the outlook for Match Group is very promising. Long may the hunt for love continue.