tiprankstipranks
The Fly

Nerdy downgraded to Neutral from Overweight at Cantor Fitzgerald

Nerdy downgraded to Neutral from Overweight at Cantor Fitzgerald

Cantor Fitzgerald downgraded Nerdy (NRDY) to Neutral from Overweight with a price target of $1, down from $6. Nerdy delivered an inline quarter, but the disappointment is driven by a back-to-back guide-down in 2024 revenue and adjusted EBITDA, the analyst tells investors in a research note. The firm says Nerdy’s investments in the go-to-market function and institutional sales organization, in an effort to chase the Elementary and Secondary School Emergency Relief Fund funding, has diverted resources and attention in the overall business. The newly hired sales team will also need time to mature and ramp the deals pipeline, contends Cantor.

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Questions or Comments about the article? Write to editor@tipranks.com