NerdWallet Inc (NRDS) PT Lowered to $16 at Truist Securities

Truist Securities lowered its price target on NerdWallet Inc (NASDAQ: NRDS) to $16.00 (from $19.00) while maintaining a Buy rating.

The analyst commented: "While we believe it'll take some time for NRDS to fully adjust to recent Google algo changes which have hurt organic traffic and forced the company to spend more on performance mktg to drive paid-for traffic (negatively impacting margins); we see the outperformance in Insurance, the rightsizing of the cost structure to protect margins NT, prospects for rate cuts later this year/loosening of underwriting policies, and valuation as reasons to remain constructive on NRDS. 2Q results were in line on revenue but missed on AEBITDA vs. consenses, while the 3Q24 guide was ahead on revenue and below on AEBITDA. Our PT goes to $16 from $19."

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