Citizens JMP lowered the firm’s price target on Duolingo (DUOL) to $450 from $475 and keeps an Outperform rating on the shares. Citizens is cautious heading into the Q2 earnings as third party data suggest engagement has slowed since April, with daily active user growth decelerating in April, May, and June to 41% year over year, 40%, and 37%, respectively, down from 53% y/y in March, the analyst tells investors in a research note. The firm believes this is temporary and continues to view Duolingo as an AI winner.
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