Duolingo price target raised to $200 from $180 at Evercore ISI

Evercore ISI raised the firm’s price target on Duolingo to $200 from $180 and keeps an Outperform rating on the shares after the company hosted its fifth annual DuoCon virtual product event on October 11. The “biggest updates” were the introduction of Music and a strategic pivot to combine all Duolingo subjects into one app, which the firm believes should drive greater user engagement, retention and cross-sell opportunities, the analyst tells investors. Based on the product updates and near-term positive third-party app traffic trends, the firm is “modestly raising” its 2024 and 2025 estimates.