Nerdy downgraded to Underweight from Neutral at JPMorgan

JPMorgan analyst Bryan Smilek downgraded Nerdy (NRDY) to Underweight from Neutral without a price target The company reported Q3 revenue toward the high end of guidance but reduced its Q4 outlook by 23% across revenue at the midpoint and now expects an adjusted EBITDA loss, the analyst tells investors in a research note. The firm looks for stronger execution, scale across active members, adjusted EBITDA profit and free cash flow generation, some of which it says could show up starting in 2025.