Match Group (NASDAQ:MTCH) stock is on the move Wednesday after getting a new price prediction from BTIG analyst Jake Fuller.
According to the analysts, shares of MTCH stock could trade for as much as $60 each one year from now. That represents a potential 30% upside for the company’s shares. It’s also close to the analysts’ consensus price prediction of $60.74 per share for the stock.
To go along with that new price target, the BTIG analyst upgraded shares of MTCH stock from a “neutral” rating to a “buy” rating. For the record, the analysts’ consensus rating for MTCH is “moderate buy” based on 24 opinions.
What’s Behind the MTCH Stock Upgrade?
Here’s what Fuller had to say about Match Group in a note to clients obtained by CNBC:
“We bring estimates up with a view that Tinder is through the worst, issues were execution-related not category saturation and that the new team looks to be on the right track. MTCH is a dominant category leader with a strong margin profile and modest valuation.”
As for MTCH stock’s movement this morning, only about 357,000 shares have changed hands as of this writing. That’s still a far way off from its daily average trading volume of about 5.1 million shares.
MTCH stock is up 3% as of Wednesday morning and is up 12.4% year-to-date as of yesterday’s close.
Investors can find more of the most recent stock market news worth reading about below!
We have all of the hottest stock market news that traders need to know about on Wednesday! Among that is what’s moving shares of Aptevo Therapeutics (NASDAQ:APVO), Cambium Networks (NASDAQ:CMBM), and Rubicon Technologies (NYSE:RBT) today. All of that news is available at the following links!
More Wednesday Stock Market News
- Why Is Aptevo Therapeutics (APVO) Stock Down 33% Today?
- Why Is Cambium Networks (CMBM) Stock Down 33% Today?
- Why Is Rubicon Technologies (RBT) Stock Up 32% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
