William Blair downgraded Udemy (UDMY) to Market Perform from Outperform after the company announced the appointment of Hugo Sarrazin as president and CEO, effective immediately, to succeed Greg Brown. While the firm had “mixed views” of Brown’s performance, it says the fresh perspective of a new CEO is “potentially a positive,” but also that it “adds risk.” When adding the “surprise” and “abrupt” change at the top to the firm’s concerns about slowing growth, the company’s recent strategic shift, internal execution issues and the macro environment, the firm has decided to downgrade the shares, the analyst explains.
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Read More on UDMY:
- Udemy downgraded to Market Perform from Outperform at William Blair
- Strategic Leadership Transition and Stable Outlook Drive Buy Rating for Udemy Inc.
- Udemy Inc Appoints Hugo Sarrazin as New CEO
- Udemy backs Q1 revenue view $195M-$199M, consensus $197.35M
- Udemy backs FY25 revenue view $787M-$803M, consensus $795.88M
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