Piper Sandler raised the firm’s price target on Duolingo (DUOL) to $390 from $351 and keeps an Overweight rating on the shares. The firm notes Duolingo posted modest upside to revenue expectations, with bookings coming in well-ahead of estimates. Bookings of 42% was powered by +51% daily average users growth. Skeptics may focus on deceleration in DAUs, but Piper maintains that DAU growth is robust, and it is comfortable with growth rates moderating given greater scale of active users.
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