UPDATE: Jefferies Starts Udemy Inc (UDMY) at Hold

(Updated - November 23, 2021 4:16 AM EST)

Jefferies analyst Brent Thill initiates coverage on Udemy Inc (NASDAQ: UDMY) with a Hold rating and a price target of $32.00.

The analyst comments "UDMY is a leading online learning platform serving over 44M learners and ~8,700 businesses. A slowdown in the consumer segment is being offset by growth in Udemy Business (UB), which will comprise 50% of UDMY's total revenue in 2023 (24% in '20). UDMY is benefiting as education shifts from offline to online, and is <1% penetrated against a $223B TAM. We initiate at Hold given in-line valuation with peers. Our $32 PT implies ~5.5x our FY23 rev estimate of $777M."

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

Shares of Udemy Inc closed at $29.29 yesterday.

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