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Udemy named 2023 Top Pick, added to Conviction List at Needham
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Udemy named 2023 Top Pick, added to Conviction List at Needham

Needham analyst Ryan MacDonald keeps his Buy rating and $17 price target on Udemy (UDMY) but names the stock his 2023 Top Pick while also adding it to the Needham Conviction List, replacing Coursera (COUR). The company’s growth engine, Udemy Business, can continue to grow well north of 40% in FY23 thanks to the new logo growth internationally and wallet share gains within the existing customer base in a tighter budget environment, the analyst tells investors in a research note. Promising web traffic trends, easing comps, and the potential for rising unemployment will also stabilize the consumer segment, MacDonald adds.

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