Chegg price target lowered to $11 from $20 at BofA

BofA lowered the firm’s price target on Chegg to $11 from $20 and keeps a Neutral rating on the shares. Chegg’s Q1 report, citing the negative impact of ChatGPT on its outlook, led to a selloff across the education space as broader AI disruption fears came into focus. Near-term recovery in the shares following the report is "an unlikely prospect," the analyst tells investors.