Duolingo price target raised to $385 from $370 at Needham

Needham raised the firm’s price target on Duolingo (DUOL) to $385 from $370 and keeps a Buy rating on the shares after visiting its New York office. The company enters its next phase of growth that will be fueled by bringing new English learners to the platform with innovative GenAI-powered functionality, the analyst tells investors in a research note. While GenAI has thus far been viewed as a disruptor to the education ecosystem, Duolingo is now starting to harness the technology for a monetizable use case that the firm believes will be a “powerful tool in expanding their reach”, the firm adds.