Chegg downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc analyst Jason Celino downgraded Chegg to Sector Weight from Overweight without a price target. The analyst says the firm’s upgrade thesis does not look like it will play out over the near term following the company’s weaker than expected 2023 guidance. Chegg shares may remain "in the penalty box for an extended period of time," the analyst tells investors in a research note.