Shares of Bumble Inc. /zigman2/quotes/224422770/composite BMBL -2.23% surged 2.6% in midday trading Thursday, a day after closing at the lowest price since going public, as the dating-app operator received its first endorsement from a Wall Street analyst. Susquehanna's Shyam Patil became the first to initiate coverage of Bumble, has he started with a positive rating and stock price target of $78, which is about 24% above current levels, saying the company has a "solid niche" in the large and growing online dating market. "Although Tinder is the clear leader, Bumble does appear to be differentiated in that it is female-centric -- only females can send the first message -- which should allow it to be a complement/alternative to market leader Tinder," Patil wrote in a note to clients. Match Group Inc. /zigman2/quotes/207178501/composite MTCH -2.11% is the parent of Tinder. "We believe that most users who pay for dating apps pay for multiple services, not just one, so [Bumble] can continue improving monetization and attracting new paying users even if they also pay for Tinder or other dating services." Susquehanna was not listed as one of the underwriters of Bumble's IPO. Since the Feb. 11 close, when Bumble went public, the stock has lost 9.5%, but was still 48.0% above the IPO price. Over the same time, Match shares have shed 14.4%, while the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -0.61% has dropped 16.2% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.52% has slipped 2.3%.