Chegg (CHGG) PT Raised to $115 After Needham Conference Presentation

Needham & Company analyst Ryan MacDonald raised the price target on Chegg (NYSE: CHGG) to $115.00 (from $100.00) following a Fireside chat with CFO, Andy Brown, at the annual Needham Growth Conference.

The analyst reiterated the Buy rating, stating "Management reiterated its confidence in its ability to retain subscribers added as a result of the accelerated shift to online education triggered by the COVID-19 pandemic. Looking ahead to FY21, Chegg is focused on making targeted investments to drive international Chegg Study adoption and expand Thinkful enrollments while continuing to crack down on account sharing. When combining this with the expectation that Chegg Study Pack adoption will drive ARPU expansion, we are confident in Chegg's ability to sustain heightened growth rates, despite difficult y/y comps. As such, we believe Chegg warrants a premium multiple".

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