Duolingo price target raised to $465 from $390 at Piper Sandler

Piper Sandler analyst Arvind Ramnani raised the firm’s price target on Duolingo (DUOL) to $465 from $390 and keeps an Overweight rating on the shares. The firm notes the company posted meaningful upside to expectations, with bookings of $271M and revenues of $231M ahead of consensus $223M. This flowed down to margins, with EBITDA of $62.8M coming in ahead by $6.4M. Momentum in the business resulted in the company taking up its full year revenue targets, nicely ahead of Q1 performance, Piper adds.