UPDATE: Morgan Stanley Starts NerdWallet Inc (NRDS) at Equalweight

(Updated - November 29, 2021 4:35 AM EST)

Morgan Stanley analyst James Faucette initiates coverage on NerdWallet Inc (NASDAQ: NRDS) with a Equalweight rating and a price target of $24.00.

The analyst comments "NerdWallet shares are trading at a premium to the educational advertising platform group. We see the stock as fairly valued at these levels and await a more attractive entry point. Our base case price target of $24 is derived by applying a 2.75x EV/Revenue multiple to our base case CY23E revenue,a 0.58x premium to the educational advertising platform group and a 1.31x premium to financial-shopping peer TREE (not covered,using consensus estimates), which we believe is warranted given faster top-line growth, better margins,and less exposure to mortgage. We would look to become more constructive at more attractive valuations or if we saw persistent evidence of revenue durability through a tightening credit environment."

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

Shares of NerdWallet Inc closed at $22.40 yesterday.

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