NerdWallet price target lowered to $16 from $19 at Truist

Truist analyst Youssef Squali lowered the firm’s price target on NerdWallet (NRDS) to $16 from $19 and keeps a Buy rating on the shares. The company’s “mixed” Q2 results and Q3 guidance reflects “stubbornly high” rates and Google (GOOGL) algo changes, but while it will take some time for NerdWallet to fully adjust to recent Google algo changes that hurt organic traffic and forced the company to spend more on performance marketing, the outperformance in Insurance, the rightsizing of the cost structure to protect margins in the near term, the prospects for rate cuts later this year and the loosening of underwriting policies are reasons to remain constructive on the name, the analyst tells investors in a research note.