Chegg price target lowered to $17 from $24 at Piper Sandler

Piper Sandler analyst Arvind Ramnani lowered the firm’s price target on Chegg to $17 from $24 and keeps a Neutral rating on the shares. The company’s 2023 guidance was well below expectations, with the top end of guidance range indicative of annual revenue decline, the analyst tells investors in a research note. The firm believes Chegg is taking the necessary steps to improve its opportunity by expanding its product offering and footprint.