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Investing.com - B.Riley initiated coverage of Nextdoor Holdings Inc (NYSE:KIND) on Wednesday with a neutral rating and a $2.00 price target.
The social media platform connects approximately 100 million users globally to their local neighborhoods and covers about one-third of U.S. households, offering advertisers access to a hyper-local audience.
B.Riley noted that Nextdoor plans to launch a major platform overhaul called NEXT 1.0 in July 2025, which should increase user engagement and eventually contribute to improved revenue growth and profitability.
The research firm expects management to prioritize user experience over monetization initially, potentially leading to inconsistent near-term financial performance as the new platform rolls out.
B.Riley cited limited visibility around the timing and magnitude of improvements from the platform update, along with potential shareholder dilution risks due to the low stock price, as key factors behind its neutral stance on the neighborhood-focused social network.
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