JPMorgan analyst Doug Anmuth lowered the firm’s price target on Chegg to $12 from $14 and keeps a Neutral rating on the shares. The analyst says visibility remains limited for Chegg following a significant spike in student interest for ChatGPT, which started to impact the company’s subscriber acquisition in March. Chegg is still working through the 2022 subscriber shortfall, and it is early for CheggMate, its conversational artificial intelligence -powered learning companion, the analyst tells investors in a research note.
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