Chegg price target lowered to $22 from $30 at Barrington

Barrington analyst Alexander Paris lowered the firm’s price target on Chegg to $22 from $30 given lower near-term earnings expectations. The firm notes that while Chegg reported quarterly results that generally topped expectations, initial 2023 guidance, however, was below consensus expectations and "the stock looks to open sharply lower." Barrington keeps an Outperform rating on the shares.