Morgan Stanley says that a return to positive enrollment growth for the Fall semester signals a reacceleration in topline growth for higher-ed exposed businesses could be only a few quarters away after a multi-quarter downturn. With strong Undergraduate enrollment growth, the firm views the data release by the National Student Clearinghouse Research Center as most directly positive for Chegg (CHGG) top of funnel trends, as well as Instructure (INST). The latest data release also screens positive for 2U (TWOU) and Coursera’s (COUR) Degrees businesses, though total enrollment growth is still relatively muted at only 2% year-over-year and only 1% above 2021 levels, Morgan Stanley adds.
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