Shares of Udemy, Inc. (UDMY) are experiencing a significant pre-market plunge, dropping 6.40% as multiple analysts revise their outlook on the online learning platform. The stock's decline comes amid a series of analyst reports that paint a cautious picture for the company's future performance.
Canaccord analyst Jason Tilchen has lowered the firm's price target on Udemy from $14 to $12, while maintaining a Buy rating on the shares. This reduction in price target, despite the maintained positive outlook, suggests some concerns about the company's near-term growth prospects. Meanwhile, Needham has maintained its price target for Udemy at $11 per share, which is below the current trading price even after the pre-market drop.
Adding to the bearish sentiment, William Blair analyst Stephen Sheldon has reiterated a Hold rating on UDMY stock. This neutral stance, combined with the lowered and maintained price targets from other analysts, appears to be driving investor caution and contributing to the stock's pre-market decline. As the market digests these analyst opinions, investors seem to be reassessing their positions in Udemy, leading to the observed sell-off in pre-market trading.
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