Piper Sandler raised the firm’s price target on Duolingo to $271 from $265 and keeps an Overweight rating on the shares. The firm notes Duolingo’s Q2 bookings of 38% year-over-year growth came in well ahead of consensus driven by 47% increase in subscription bookings. User engagement re-accelerated to 59% DAU growth after taking a breather last quarter. Piper expects that the re-acceleration in DAU growth will assuage investor skepticism on moderating engagement.
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