It isn't hard to find love when there's no competition. Match Group Inc (NASDAQ: MTCH) is the only online dating service on the public markets, but last resort or not, it's found itself a mate.The Rating: Morgan Stanley analysts Lauren Cassel and Brian Nowak initiated coverage on Match with and Overweight rating and a $103 price target.The Thesis: Lockdown was a lonely experience for many single Americans. A lifting of their forced solitude may inspire a rush to the apps."We see a long and growing runway for growth given demographic tailwinds and greater adoption of online dating," the analysts wrote, citing a global addressable market of about 600 million with 3.5% compound annual growth.The coronavirus impetus compounds other favorable trends for dating apps, including a peak in the U.S. single population, an increase in young daters as a proportion of the single population, and the continued global penetration of internet and smartphone access.Overall, Morgan Stanley anticipates 13% subscriber growth over the next five years, with Match nearly doubling its global payer penetration driven by international subscriptions."We view MTCH as a must-own structural grower in early innings with dominant market share," Cassel and Nowak wrote. "As singles crave human interaction in a post COVID world, we model accelerating 2021 sub growth."MTCH Price Action: At the time of publication, Match traded down marginally around $89.Related Links:Study: More Harassment Seen In LGBT Online Dating9 Countries Using Online Dating The MostPhoto courtesy of Tinder.Latest Ratings for MTCH DateFirmActionFromTo Jun 2020Morgan StanleyInitiates Coverage OnOverweight May 2020CitigroupMaintainsBuy May 2020BMO CapitalMaintainsMarket Perform View More Analyst Ratings for MTCH View the Latest Analyst Ratings See more from Benzinga * BofA Upgrades Occidental, Downgrades Chevron * This 5M Malibu Property Includes A Decked-Out Cabana And Recording Studio * 6 Slack Analysts On Q1 Results, Billing Numbers, Microsoft Competition: 'An Unexpected Dichotomy'(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Apple Inc. (NASDAQ: AAPL) is going to let its customers turn in their old Mac devices at its retail outlets in US and Canada in exchange for credit for a new device or balance on the Apple gift card starting this month, Bloomberg reported Tuesday.What Happened The consumer electronics company told its retail employees that the program will come into effect on June 15 in the United States and June 18 in Canada, according to Bloomberg.The trade-in facility is already available for other Apple devices, including the iPhone, iPad, and Apple Watch.Mac devices accounted for about 10% of Apple's revenue in 2019 at $25.7 billion, and according to Bloomberg, the move could further boost the computer sales.Price Action Apple shares closed nearly 3.2 higher at $343.99 on Tuesday, the record highest price in history. The shares added another 0.4% in the after-hours session at $345.40 in the after-hours session.See more from Benzinga * Big Tech Reaches New Record Heights At The Stock Market * IBM Discontinues Facial Recognition Technology, Says It Can't Condone 'Racial Profiling' Or 'Mass Surveillance' * Apple Gets Patent For Socially-Distanced Group Selfies(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.