Citi says it's time to buy Bumble, predicts stock could rally more than 20% as dating app captures market share

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It's time for investors to consider scooping up shares of Bumble, Citi says.

It's time for investors to consider scooping up shares of Bumble , Citi says. Analyst Ygal Arounian initiated coverage of the dating app maker with a buy rating, saying in a Friday note that it offers one of the best growth rates within the Wall Street firm's Internet sphere.

mountain Bumble shares have fallen 8% in 2023 Continued momentum is "key as, in our view, with overall industry growth reaching some level of maturity , share shifts will prove to be key growth drivers," he added. Bumble shares have fallen 8% this year, following a roughly 38% pullback in 2022. Despite the drop in shares, Arounian placed a $24 price target on the dating stock, implying nearly 24% upside from Thursday's close.

 

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