It’s time for investors to consider scooping up shares of Bumble , Citi says. Analyst Ygal Arounian initiated coverage of the dating app maker with a buy rating, saying in a Friday note that it offers one of the best growth rates within the Wall Street firm’s Internet sphere. “Most importantly to us is that the core Bumble app has seen continued share gain within the online dating world, and recent product launches are leading to better conversion of paid users as well,” Arounian said, noting that while Bumble’s core app trails industry leader Tinder, it continues gaining steam. BMBL YTD mountain Bumble shares have fallen 8% in 2023 Continued momentum is “key as, in our view, with overall industry growth reaching some level of maturity (at least in the US), share shifts will prove to be key growth drivers,” he added. Bumble shares have fallen 8% this year, following a roughly 38% pullback in 2022. Despite the drop in shares, Arounian placed a $24 price target on the dating stock, implying nearly 24% upside from Thursday’s close. Arounian also views Bumble’s “women first” messaging and push toward younger audiences as additional positives for the stock going forward. While early in its international push, he also views “material room for growth” even as it Badoo app faces headwinds due to its exposure to the war in Russia. Improving paid user conversions and a revenue reacceleration this year could also lead to upside in estimates, Arounian said. Bumble’s strong growth rate and the fact that it’s “earlier in its growth curve” justify its slight premium to Match and the broader industry, he added. “We think there are attractive long-term tailwinds to this space, but also believe we are in a more transformative era with many moving pieces creating some additional clouds of uncertainty,” the analyst said. “We think Bumble has the right pieces in place to see improvements while it builds on that future.” — CNBC’s Michael Bloom contributed reporting