Duolingo price target raised to $460 from $400 at Needham

Needham raised the firm’s price target on Duolingo (DUOL) to $460 from $400 and keeps a Buy rating on the shares. The company reported an impressive earnings print and its viral marketing strategy resulted in a record quarter of monthly active user adds, while continued rapid adoption of Video Call as a part of the Duolingo Max tier resulted in strong paid subscriber conversions, the analyst tells investors in a research note. Duolingo can maintain DAU/MAU momentum with new language content releases and the impending launch of Chess in Q2, the firm adds.