NerdWallet price target lowered to $15 from $18 at Oppenheimer

Oppenheimer lowered the firm’s price target on NerdWallet (NRDS) to $15 from $18 on lower multiples, while keeping an Outperform rating on the shares. The firm notes the company beat the Street’s Q4 revenue/EBITDA estimates by 7%/$1M as management leaned into performance marketing spend to capture demand led by Loans/Insurance revenue strength. Oppenheimer believes AI disintermediation in financial service products difficult to execute on legal/regulatory partner structure, likely requiring aggregator partnerships.