Chegg downgraded to Market Perform from Outperform at Northland

Northland analyst Mike Grondahl downgraded Chegg to Market Perform from Outperform with a $15 price target following the company’s Q1 report. Subscriber and subscription services declines were attributed to competition from ChatGPT and Chegg has recently announced CheggMate to utilize ChatGPT instead of combat it, but the CheggMate response "will take time," the analyst tells investors.