Chegg price target raised to $31 from $24 at Morgan Stanley

Morgan Stanley analyst Josh Baer raised the firm’s price target on Chegg (CHGG) to $31 from $24 and keeps an Equal Weight rating on the shares. Education software companies reported "strong" Q3 earnings overall and updated web traffic, app download and Google trend data point to stabilizing or improving trends across his consumer exposed EdTech coverage, said Baer. While he still favors Overweight-rate Instructure (INST), he increased his Chegg price target on the back of this data, Baer noted.