Why Match Group Stock Jumped Today

Shares of Match Group (NASDAQ: MTCH) have jumped today, up by 10% as of 2:30 p.m. EST, after a Wall Street analyst boosted his price target on the stock. Wells Fargo reiterated an equal weight (equivalent to a neutral) rating but raised its valuation estimate from $140 to $160.

Analyst Brian Fitzgerald has increased his price targets for several tech stocks today, including Snap and Pinterest, based on the same optimism around an improving macroeconomic environment that should help tech companies maintain the momentum that they enjoyed in 2020. The economy is expected to continue recovering as vaccine distribution expands, quarantine restrictions ease, and the world slowly starts to return to normal throughout 2021.

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Source Fool.com