Duolingo price target raised to $230 from $193 at BofA

BofA raised the firm’s price target on Duolingo to $230 from $193 and keeps a Neutral rating on the shares. The setup for small-to-mid cap Internet stocks in 2024 is more constructive compared to the start of 2023, but this is baked into valuations, the analyst tells investors in a “2024 Year Ahead” note for the group. By subsector, BofA prefers e-commerce over subscription services, the analyst says, adding that online real estate is most levered to lower rates, but the firm expects a gradual recovery in home sales in 2024.