Duolingo downgraded to Neutral at BofA at ‘peak valuation’

As previously reported, BofA analyst Curtis Nagle downgraded Duolingo (DUOL) to Neutral from Buy with a price target of $375, up from $355. While the firm continues to view Duolingo as “one of the highest quality and most consistent growth names within Internet,” it now sees less upside potential as shares are trading at “peak valuation” and near-term estimate revisions may be lower than in prior quarters, the analyst tells investors.