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Citi lowered the firm’s price target on NerdWallet (NRDS) to $14 from $16 and keeps a Neutral rating on the shares. The analyst placed the shares on a “30-day negative catalyst watch.” Web traffic data suggests NerdWallet’s growth is worsening beyond previous expectations leading Citi to forecast below-consensus and below-outlook revenue growth in Q3, the analyst tells investors in a research note. The firm forecasts a 12% year-over-year decline in Q3 monthly unique user growth versus consensus expectations for 5% growth. Highlighted last quarter, the company indicated pressure in organic search traffic stemming from waning consumer demand in banking, tightening lending conditions in card and loans, and incremental softness in small business loans, and it appears these trends are worse than initially expected, says Citi.
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