Bumble's (BMBL) Q1 showed some conceptual forward progress on platform & products, but improvement is looking unlikely in 2026, RBC Capital Markets said in a research note emailed Wednesday.

Bumble is re-doing its entire tech stack which is expected accelerate new product development and testing, RBC said, adding that the company's Q1 results saw payers modestly missed and decelerated, reinforcing the severity of the product issues.

RBC further said that while the Bumble app relaunch doesn't really get going until Q4, more importantly, the company does not have substantive testing yet to help investors handicap the potential for success.

"We'd expect investors to take a more skeptical view where a best case scenario would likely be possible stabilization or return to growth in '27 or '28," RBC said.

RBC has a sector perform rating on Bumble with a $5 price target.

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