Udemy price target lowered to $13 from $14 at KeyBanc

KeyBanc analyst Jason Celino lowered the firm’s price target on Udemy (UDMY) to $13 from $14 to reflect the increasingly more challenging macro, while keeping an Overweight rating on the shares. Based on its updated Key First Look Data and intra-quarter discussion with most of our EdTech coverage, the firm heads into Q2 print expecting in line to slightly better Q2 results across EdTech. While KeyBanc acknowledges macro and corporate L&D budgets remain pressured, it sees Q2 setup for Coursera (COUR) and Udemy as relatively conservative and sees potential scenarios for modest estimate upside.