On Wednesday, JPMorgan Cory Carpenter lowered his rating to Neutral from Overweight and his price target to $33 from $40. Carpenter forecasts industry growth of just 1% for 2024 and flat in 2025 because of a lack of product innovation—more than a decade has passed since “swiping” on a potential match was introduced. With just about 12% of the world’s singles online—equivalent to about a quarter of active daters—Carpenter is still optimistic about the industry’s long-term secular growth, especially as increasingly sophisticated artificial intelligence applications drive future innovation.