Chegg downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded Chegg to Sell from Neutral with a price target of $8, down from $10. The analyst sees artificial intelligence being a potential headwind in the coming years given the company’s “weaker platform moat and adverse shifts in consumer/enterprise spending trends.” The firm modestly lowered revenue estimates for Chegg to reflect a lower subscriber count as the competitive environment intensifies.