Chegg price target lowered to $3 from $4 at Northland

Northland analyst Mike Grondahl lowered the firm’s price target on Chegg (CHGG) to $3 from $4 and keeps a Market Perform rating on the shares. While Q3 numbers “beat across the board,” Q4 guidance was disappointing and the outlook is worse than expected due to AI Overview, the analyst tells investors in a post-earnings note.