Chegg price target lowered to $24 from $35 at Northland

Northland analyst Mike Grondahl lowered the firm’s price target on Chegg to $24 from $35 and keeps an Outperform rating on the shares following the company’s Q4 report. The firm highlights that without the acquisition of Busuu, which added about 600,000 subscribers, subscribers declined about 200,000, or 5%, year-over-year and said 2023 guidance was weaker than expected on lower subscriber growth.