UBS raised the firm’s price target on Duolingo to $275 from $230 and keeps a Buy rating on the shares. Duolingo added 10,000 more subscribers in Q4 than the firm expected and its Q1 revenue guidance is nearly 3% above the firm’s prior estimate at the high end, the analyst tells investors in a research note. While UBS expects user growth to slow in 2024, the firm continues to expect a larger cohort of Subscribers to be added in 2024 vs. 2023 and is incrementally positive on commentary around testing pricing in 2024, UBS adds.
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