Nextdoor downgraded to In Line from Outperform at Evercore ISI

Evercore ISI downgraded Nextdoor to In Line from Outperform with a price target of $3, down from $5. The company’s Q3 results and Q4 outlook imply a negative inflection point in terms of revenue, weekly active users and EBITDA, the analyst tells investors in a research note. Instead of revenue growth acceleration into Q4, the firm now sees year-over-year revenue decline. It materially reduced estimates and downgraded the shares.