NerdWallet price target lowered to $18 from $20 at KeyBanc

KeyBanc lowered the firm’s price target on NerdWallet to $18 from $20 and keeps an Overweight rating on the shares. The firm is also lowering its 2024 and 2025 EBITDA by 10% and 7%, respectively, to reflect a tighter lending market. While this likely keeps sentiment and valuation subdued over the near-term, KeyBanc continues to believe NerdWallet has levers to drive EBITDA growth; and share gains position the company for faster revenue growth and margin expansion as financial markets improve.