Coursera price target lowered to $12 from $14 at KeyBanc

KeyBanc lowered the firm’s price target on Coursera (COUR) to $12 from $14 to reflect the increasingly more challenging macro, while keeping an Overweight rating on the shares. Based on its updated Key First Look Data and intra-quarter discussion with most of our EdTech coverage, the firm heads into Q2 print expecting in line to slightly better Q2 results across EdTech. While KeyBanc acknowledges macro and corporate L&D budgets remain pressured, it sees Q2 setup for Coursera and Udemy (UDMY) as relatively conservative and sees potential scenarios for modest estimate upside.