Jefferies analyst Brent Thill lowered the firm’s price target on Udemy to $11 from $14 and keeps a Hold rating on the shares. Shares have struggled year-to-date, largely driven by a soft initial FY24 guidance as Consumer revenue declines worsen and UB growth slows in a challenging macro environment with longer sales cycles, the analyst tells investors. However, it is encouraging that it appears that recent reductions in the instructor take rate will have an immaterial impact on instructor churn, the analyst added.
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