Duolingo price target raised to $600 from $470 at Scotiabank

Scotiabank raised the firm’s price target on Duolingo (DUOL) to $600 from $470 and keeps an Outperform rating on the shares. The company continues to scale its daily active user base while steadily expanding its monetization, the analyst tells investors. The firm believes the Street is underappreciating what is “structurally changed beneath the surface.” With constraints on the platform easing and the forecast path built, the firm believes the company’s setup looks increasingly constructive.