Truist downgraded Udemy (UDMY) to Hold from Buy with a price target of $7, down from $10. The firm has lowered revenue estimates and is “meaningfully below” the Street on profits given the company’s combination of large enterprise and international exposure, coupled with what it believes is likely the more discretionary nature around spending on online learning and upskilling efforts, the analyst tells investors. The firm also cites the company’s recent CEO transition development.
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