Jefferies US Internet Team reiterated a Buy rating and $14 price target on Chegg (NYSE: CHGG) following Q1 results.

The analysts commented, "In its 2nd print as a public Co, Chegg reported a Beat qtr with results well ahead of expectations but that was largely driven by seasonality (rev shifting from Q2 into Q1). Mgmt reiterated full-year guidance and provided 2Q14 guidance below consensus (as it accounted for this rev shift). Robust growth across all digital products continues to drive overall growth and new partnerships and products should contribute further to growth in 2H14 and beyond."

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Shares of Chegg closed at $5.47 yesterday.