Stifel has lowered its price target for Bumble from $6 to $4, maintaining a Hold rating on the shares. Despite the firm noting that advertising is performing better than anticipated, it is revising its forecasts downward for digital advertising, e-commerce, marketplaces, and subscriptions, anticipating a slowdown in e-commerce and marketplace growth due to rising consumer prices. Stifel expressed particular concern, indicating that their level of discomfort with forward estimates is unprecedented outside of the COVID-19 pandemic context.
Despite advertising holding up better than we expected, Stifel is lowering estimates across the board for digital advertising, e-commerce, marketplaces, and subscriptions.
The firm expects e-commerce and marketplace GMV growth to slow or decline as consumers face increased prices.
Stifel expressed significant concern, stating they can't remember a time outside of COVID where they've felt this level of discomfort with their forward estimates.
The price target for Bumble has been reduced to $4 from $6, with a Hold rating maintained on the shares.
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