Benchmark analyst Matthew Harrigan believes iLearningEngines CEO Harish Chidambaran has issued a “comprehensive” and “credible response” to the specific allegations within the Hindenburg short sale report that had been published on August 29. The firm, which note that it has not yet made revisions to 2024 and 2025 Adjusted EBITDA estimates to reflect legal expenses, adds that “this should not materially affect valuation or the investment thesis,” and maintains a Buy rating and $18 2025 fair value assessment on iLearningEngines, adding that it understands that “the short sale report could dampen the likelihood for 2025 realization.”
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