Nextdoor downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Brian Nowak downgraded Nextdoor (KIND) to Underweight from Equal Weight with a price target of $1.10, down from $2.70. Revenue growth decelerated to 2% in Q1 and the roll-out of NEXT, a platform rebuild, creates new micro-level uncertainty on top of the macro-related challenges, the analyst tells investors. The firm, which lowered its FY25 and FY26 revenue forecasts by about 14% and 18%, respectively, argues that the stock “still screens as expensive.”