Chegg (CHGG) Bullish Stance Reiterated at Jefferies on 'Transformative' Ingram Deal

Jefferies US Internet Team reiterated a Buy rating and $12 price target on Chegg (NYSE: CHGG) following the "transformative" new deal with Ingram.

The team commented, "We update our thesis on Chegg post Monday's good print and announcement of a transformative new deal with Ingram. The multi-year renewable agreement accelerates the transition of the Print business to digital and resets the Co's margin profile. On May 1, 2015 Ingram takes over all inventory and back-end logistics, allowing Chegg to become fully digital by 2017 and lending further support to our digital-driven growth. We reiterate our Buy and $12 PT."

For an analyst ratings summary and ratings history on Chegg click here. For more ratings news on Chegg click here.

Shares of Chegg closed at $7.99 yesterday.

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