UPDATE: Evercore ISI Starts Nextdoor Holdings Inc. (KIND) at Outperform

Evercore ISI analyst Mark Mahaney initiates coverage on Nextdoor Holdings Inc. (NYSE: KIND) with a Outperform rating and a price target of $16.00.

The analyst comments "Q3 EPS Helps Prove KIND is a True Structural Winner from The COVID Crisis: Recent Q3 EPS results clearly demonstrate that KIND’s user base is not experiencing a Pinterest-like pandemic hangover, given that it posted accelerating WAU Net Adds. More importantly, session frequency on Nextdoor is higher now than during peak-COVID and organic Net Adds were a record-high. Among COVID Winners, we look for companies who can deliver robust growth post-COVID and we believe Q3 results suggest KIND can. Finally, revenue growth of 66% Y/Y was consistent with Q2 on a 21pt tougher comp. Again with the caveat that KIND is operating from a very low revenue base ($210MM revenue run rate), the company is at a fundamental inflection point."

For an analyst ratings summary and ratings history on Nextdoor Holdings Inc. click here. For more ratings news on Nextdoor Holdings Inc. click here.

Shares of Nextdoor Holdings Inc. closed at $11.04 yesterday.

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