Grindr Upside

Morgan Stanley upgraded Grindr’s stock to Overweight from Equal‑weight, setting a $18 price target. The brokerage cites the company’s ultra‑premium subscription tier EDGE, an AI‑powered offering, projected to bring $78 million in revenue by 2028, and its telehealth brand Woodwork, expected to generate $28 million in the same year. Together these initiatives are forecast to drive 60 % of Grindr’s revenue growth through 2028. Morgan Stanley notes that Grindr’s valuation trades at a 35 % discount to peers on a growth‑adjusted basis and that a bullish $29 valuation implies upside of over 100 % if EDGE and Woodwork achieve strong adoption. Grindr currently serves approximately 15 million monthly active users, maintains EBITDA margins above 40 %, yet monetises roughly 30 % below comparable dating apps. Risks highlighted include rising competition and weaker‑than‑expected uptake of new products.