Citi analyst Ronald Josey downgraded Duolingo (DUOL) to Neutral from Buy with a price target of $101, down from $270. The firm views 2026 as a “transition year” for Duolingo given its decision to prioritize user growth over monetization and subscription growth. This limits the company’s visibility and the investments hurts EBITDA margins, makes for a more balanced risk/reward for the shares, the analyst tells investors in a research note.
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