Benzinga | Jul 9, 2021 10:54AM EDT

Why Bumble's Stock Is Trading Higher Today?

* RBC Capital analyst Brad Erickson has initiated coverage on Bumble Inc (NASDAQ:BMBL) with an Outperform rating and $65 price target.

* The price target signifies a 29.3% upside at current levels.

* Bumble distinguished itself as quality over quantity play in online dating.

* Erickson saw an expanding total addressable market. Additionally, Bumble's female-first approach offered differentiated monetization and profitability tailwinds.

* Bumble's pricing power signified longer-term margin upside, Erickson's research note stated.

* Price action: BMBL shares traded higher by 3.64% at $52.12 in the market session on the last check Friday.