Deutsche Bank analyst Kunal Madhukar believes the total addressable market for Match Group’s Tinder could be in the range of 185-190M monthly average users, which could translate into about 10M paying subscribers for Tinder, and he contends that Tinder remains underpenetrated relative to that opportunity. Given his higher confidence in Tinder’s ability to keep delivering strong growth over the medium-term, Madhukar reiterated his Buy rating on Match Group and increased his price target on the shares to $56 from $50.