Goldman Sachs analyst Eric Sheridan initiated coverage on Grindr Inc. with a Buy rating and a price target of $20 per share. This initiation signals a positive market sentiment from a prominent financial institution.
The analysis highlighted Grindr's position as an online dating platform primarily serving the LGBTQ+ community, noting its 14.6 million monthly active users as of the third quarter of 2024. Goldman Sachs framed its work around key debates, including the company’s addressable market and its potential to achieve a 20%+ fiscal 2024-2029 revenue CAGR.
This new coverage can enhance Grindr's visibility among institutional investors and potentially attract new capital, reflecting confidence in its growth trajectory and market leadership.
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