NerdWallet price target lowered to $13 from $16 at Oppenheimer

Oppenheimer analyst Jed Kelly lowered the firm’s price target on NerdWallet to $13 from $16 and keeps an Outperform rating on the shares. Despite unprecedented headwinds for financial service marketers, NerdWallet is generating “massive” share price gains and growing H2 EBITDA roughly 45% y/y, the analyst tells investors in a research note. The firm believes expanding its revenue base to sub- and near-prime consumers by utilizing prequalified offers wills upport growth while key products, mainly credit cards, under-earn in a difficult macro.