Grindr gains after Morgan Stanley upgrades to 'overweight' on new product potential
BUZZ-Grindr gains after Morgan Stanley upgrades to 'overweight' on new product potential ** Dating application Grindr's GRND.N shares rise 6.7% to $16.34 premarket
** Morgan Stanley upgrades to "overweight" from "equal-weight"; raises PT to $18 from $15, implying a 25.3% upside to the stock's last close
** Brokerage says it has become more positive on GRND after its pivot "towards healthier product-led monetization" with upcoming launches of its ultra-premium tier EDGE and telehealth brand Woodwork
** The upside from these new products is material: GRND has grown revenue at ~$90M per year and we believe EDGE and Woodwork could each deliver 'one-year' or more of revenue growth - Morgan Stanley
** Average rating of five analysts is "buy"; their median PT is $18 - data compiled by LSEG
** Up to last close, stock has risen 6.1% YTD
(Reporting by Anhata Rooprai in Bengaluru)
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