Shares of Grindr may be due for some sizable gains over the next 12 months, according to Goldman Sachs.
Analyst Eric Sheridan initiated coverage of the LGBTQ social network and dating app with a buy rating, setting his price target at $20.
The analyst said the company's total addressable market is "large and growing," which could support a long growth runway from here as a result.
Sheridan is among the three total analysts on the Street covering Grindr, all of whom have a buy rating, per LSEG data.
GRND YTD mountain GRND, year-to-date The stock has outperformed the broader market this year, seeing year-to-date gains of more than 79%.
Persons:
Goldman Sachs, Eric Sheridan, Sheridan
Organizations:
headcount
Locations:
Grindr