Chegg price target lowered to $20 from $30 at BMO Capital

BMO Capital analyst Jeffrey Silber lowered the firm’s price target on Chegg to $20 from $30 and keeps a Market Perform rating on the shares. The company’s Q4 earnings outperformed expectations, but its initial 2023 outlook was "disappointing" amid continued "macro challenges" around lower higher-ed enrollment, strong labor market, and inflation, the analyst tells investors in a research note. The firm adds however that Chegg management believes it will end 2023 in better shape than it entered the year.