Goldman Sachs analyst Michael Ng upgraded Match Group to Neutral from Sell and raised his price target for the shares to $66 from $48 following the company's Q1 results. The positive stock reaction to Match's in-line Q1 revenue and EBITDA results illustrate that the market is more focused on the longer-term investment thesis, Ng tells investors in a research note. And he believes the longer-term thesis is supported by the pace of the company's subscriber growth, specifically Tinder momentum. It appears that weaker pricing and softer margins will not be a catalyst for a downward re-rating, says the analyst.
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