Chegg (CHGG) crashes 40% as ChatGPT clouds FY visibility; Jefferies cuts to Hold

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Go back to Chegg (CHGG) crashes 40% as ChatGPT clouds FY visibility; Jefferies cuts to Hold

Northland Downgrades Chegg (CHGG) to Market Perform, 'ChatGPT Competition and CheggMate Response Will Take Time'

May 2, 2023 9:06 AM EDT

Northland Capital Markets analyst Mike Grondahl downgraded Chegg (NYSE: CHGG) from Outperform to Market Perform with a price target of $15.00.

The analyst comments "CHGG reported 1Q23 revenues, adj. EBITDA and adj. EPS of $187.6M, $57.6M and $0.27 vs. NS at $185.0M, $54.0M and $0.24. Subscription Services... More