Chegg price target raised to $35 from $32 at Northland

Northland analyst Mike Grondahl raised the firm’s price target on Chegg to $35 from $32 and keeps an Outperform rating on the shares after having hosted a call with the company’s CFO and discussing updates on subscriber growth in the U.S. and internationally, the $1 monthly price increase, and impacts on enrollment. The Chegg "story remains solid," said Grondahl, who believes 2023 will be about ARPU growth, the bundle, profitable growth and improved margins and "less of a revenue story."