Jefferies US Internet Team reiterated a Buy rating and boosted its price target on Chegg (NYSE: CHGG) to $14.00 (from $12.00) following solid Q1 results saying the company is "fully becoming a digital story."

The analyst team commented, "Chegg reported a good quarter with the digital business continuing to perform well as the company transitions to a fully 100% digital company. Chegg is positioning itself to be a "higher growth, margin and cash flow business" in 2017 and beyond and continues to expand its offerings to meet the needs of students pre, during and post college. We reiterate our Buy."

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 $7.42 yesterday.