UPDATE: Citi Starts Udemy Inc (UDMY) at Buy
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Citi initiates coverage on Udemy Inc (NASDAQ: UDMY) with a Buy rating and a price target of $45.00.
The analyst comments "UDMY is a leading provider of content for professional learning, catering to 44mn learners across 180 countries. The work we did in the recent Citi GPS report on corporate L&D underpins our conviction that professional elearning is a structural growth market, in which UDMY occupies a unique position given its marketplace model. Against a financial profile (23% FY20-25 revenue CAGR, 55%-60% Gross margin between FY21-25, and adj. EBITDA breakeven by FY25) that is markedly similar to COUR, UDMY’s 22% valuation discount appears completely anomalous to us. We initiate on UDMY with a Buy rating and a $45 target price offering 44% upside from current price levels."
Shares of Udemy Inc closed at $29.29 yesterday.
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