CHGG - Why Chegg Stock Is Soaring Today
2024-07-16 11:52:05 ET
Chegg (NYSE: CHGG) stock is making big gains in Tuesday's trading. The company's share price was up 12.8% as of 11:30 a.m. ET, according to data from S&P Global Market Intelligence .
Chegg is gaining ground today thanks to a research note published by Morgan Stanley analyst Josh Baer. In his write-up on the stock, Baer upgraded his rating on the education services company from underweight to equal weight. The new rating suggests that the analyst expects that Chegg will perform roughly in line with the broader market instead of doing worse than the market.
Even though Morgan Stanley's lead analyst raised the firm's rating on Chegg today, Baer actually lowered his one-year price target on the stock. Morgan Stanley now has a one-year price target of $3.25 on the stock -- down from its previous target of $6.50 per share.
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Why Chegg Stock Is Soaring Today