DNB Markets upgrades ‘de-risked’ Kahoot to Buy from Hold

DNB Markets analyst Frank Maao upgraded Kahoot to Buy from Hold with a price target of NOK 30, up from NOK 16.50. The analyst believes 2023 EBITDA consensus estimates are too low and says the story is "being de-risked." Kahoot’s professional user base has been resilient for three quarters and paid subscriptions continue to grow as teachers, workers, schools, districts and enterprises seek low-cost and effective engagement solutions, the analyst tells investors in a research note.