Citizens JMP upgraded Duolingo (DUOL) to Outperform from Market Perform with a $400 price target The stock’s valuation came in following the Q4 earnings report and macro volatility, the analyst tells investors in a research note. The firm expects Max to be a driver of pricing gains in 2025 and for Duolingo to benefit subscriber conversion in international markets in 2026 and beyond as it localizes Max pricing. There is “material upside” to consensus estimates, which makes Duolingo’s valuation more attractive, contends Citizens JMP.
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