11:22 AM EDT, 07/10/2024 (MT Newswires) -- Match Group ( MTCH ) and Bumble (BMBL) may lower their 2024 revenue forecasts as the online-dating industry's struggles "appear to have intensified" in Q2, Morgan Stanley said Wednesday in a report.

Downloads of Match Group's ( MTCH ) Tinder continued to decline, and while Bumble's relaunch improved user engagement, "that doesn't appear to have translated to new user growth," Morgan Stanley said.

Morgan Stanley lowered its 2024 and 2025 revenue forecasts for both companies. "We are closely watching for any indication user growth is inflecting," the report said.

Morgan Stanley cut its price targets on the companies with Match Group ( MTCH ) down to $33 from $34 and Bumble down to $12 from $13. The equalweight ratings were maintained.

Match Group's ( MTCH ) shares fell 1.1% in recent trading Wednesday, and Bumble dropped 1.7%.

Price: 30.59, Change: -0.35, Percent Change: -1.13