Chegg price target raised to $13 from $11 at Piper Sandler

Piper Sandler analyst Arvind Ramnani raised the firm’s price target on Chegg to $13 from $11 and keeps a Neutral rating on the shares. The company’s Q2 results came in ahead of “muted” consensus estimates, driven by better than expected retention rate and new subscriber growth, the analyst tells investors in a research note. While encouraging to see Chegg come in ahead of expectations, visibility remains limited with the company not providing annual guidance, says the firm.