Morgan Stanley doesn’t expect CFPB announcement to adversely affect NerdWallet

Morgan Stanley notes that the CFPB announced earlier this morning that it has finalized Section 1033 of the Consumer Financial Protection Act, which is intended to provide consumers with greater data autonomy, privacy, and security over their personal financial data. The firm does not think NerdWallet (NRDS) investors should be “overly concerned” about the finalization of Section 1033 for “two key reasons.” For one, financial services marketplaces likely already have or are in the process of adapting to February’s guidance; secondly, the firm is “highly skeptical” that consumers will pervasively adopt a personal finance product developed by the CFPB, even when assuming that the tool itself is developed in a timely manner. The firm maintains an Equal Weight rating and $14 price target on NerdWallet shares, which are down 73c, or 6%, to $11.39 in afternoon trading.