NerdWallet downgraded to Neutral from Buy at Citi

Citi analyst Peter Christiansen downgraded NerdWallet to Neutral from Buy with a price target of $14, down from $15. While the company reported better-than-expected revenue growth and adjusted EBITDA margin in Q1, NerdWallet is now pulling back on planned marketing spending for FY23 "despite the good results" as the company is seeing increased credit tightness, particularly in the credit card vertical, the analyst tells investors. While Citi likes Nerd’s business model, rising brand value, organic traffic growth, and vertical diversification, the firm sees worsening visibility "likely muting upside potential for the time being," the analyst added.