UPDATE: Morgan Stanley Downgrades Chegg (CHGG) to Equalweight

Morgan Stanley analyst Josh Baer downgraded Chegg (NYSE: CHGG) from Overweight to Equalweight with a price target of $53.00 (from $88.00).

The analyst comments "With concerning commentary around the demand for Chegg solutions during this academic yr, Q4 rev guide 19% lower than prior implied Q4 guidance, and no 2022 guidance, we lower our 2022 revenue estimate by 18%, suggesting a covid reset, resulting in only 7% CY22 rev growth. Downgrade to EW, PT $53."

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 $62.76 yesterday.

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