Duolingo (DUOL) and Bumble (BMBL) are showing early signs of slower user growth heading into Q3 earnings, a trend that could weigh on near-term performance as both companies continue to improve their platforms, BofA Securities said in a note Thursday.

For Duolingo, BofA said it expects revenue of about $261.5 million in Q3. The brokerage said recent data indicate that user growth has weakened compared with the previous quarter. It added that investors will be watching updates on premium subscriptions, new features such as the Video Call with Lily, and commentary on artificial intelligence costs.

For Bumble, BofA forecasts modest revenue and profit beats, driven by growth in paying users. The firm said the company's shift away from performance marketing to focus on organic growth may slow new user additions as the company "undergoes a turnaround in a challenged dating industry."

BofA maintained its neutral rating on Duolingo and cut its price target to $370 from $450, while for Bumble, the firm reiterated its underperform rating and reduced price target of $5 from $5.50.

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