Piper Sandler downgrades Udemy on slowing consumer spend

Udemy

18/07/2022 11:17

** Piper Sandler lowers rating on online learning platform
Udemy Inc  UDMY.O  to "neutral" from "overweight"
    ** Brokerage cites rising risk factors in co's consumer
business and possible delays in business bookings due to macro
uncertainty as reasons for the downgrade 
    ** Piper also cuts PT to $11 from $13 
    ** "The consumer segment has seen weakening consumer traffic
conversion to buyers as spending appetites have fallen,
resulting in revenue growth that may be down more than -5% in
FY22" - brokerage 
    ** Avg. rating of 14 analysts is "buy"; median PT is $17.50
- Refinitiv data
    ** Shares untraded premarket; So far this year, they have
lost ~43% of their market value as of last close  

    

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))