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Tinder's paid subscriber business is heating up so buy Match shares, analyst says

The application is displayed in the Apple Inc. App Store on an iPhone.
Andrew Harrer | Bloomberg | Getty Images

Piper Jaffray raised its price target on shares of Match Group after signs pointed to an unexpected acceleration in paid members last month for its dating app Tinder.

"Based on prior rank improvements and the nature of the top 10 grossing apps, this suggests a surprisingly strong net add of 340K in Q2," noted Piper Jaffray analyst Samuel Kemp.

Though Kemp noted that the new net addition numbers for Tinder are likely to beat Wall Street expectations for the second quarter, Match may also be positioned for more good news in the coming months.