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After surging more than 175 percent over the past year, Match Group Inc (NASDAQ:MTCH)'s stock is now fairly valued with fewer catalysts ahead, according to JPMorgan.
The Analyst
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JPMorgan's Doug Anmuth downgraded Match Group from Overweight to Neutral with an unchanged $42 price target.
The Thesis
Match Group, the parent company of multiple dating platforms including Tinder, is expected to remain a global leader in the sector — but three factors are likely to limit continued upside in the stock, Anmuth said. They are:
- Expectations for Tinder net adds to trend down and return to a more normalized level, while the platform has fewer product catalysts ahead.
- Other dating apps remain stable but are likely to post a low-single-digit sub growth, short of management's expectations for a mid-to-high-single digit growth rate.
- The stock's valuation is fairly valued at 32x 2019E GAAP P/E and 19x 2019E EV/EBITDA.
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Investors may want to consider instead owning shares of IAC/InterActiveCorp (NASDAQ:IAC). The company is Match Group's largest shareholder and spun off a portion of Match Group in its 2015 initial public offering, the analyst said.
IAC's stock is "more compelling," as its valuation implies that the non-dating and ANGI Homeservices' assets are trading at a negative enterprise value, Anmuth said.
Price Action
Shares of Match Group were trading lower by 0.36 percent Wednesday morning.
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Photo courtesy of Tinder.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.