On Friday, May 30, DA Davidson analyst Wyatt Swanson raised the price target on Duolingo, Inc. (NASDAQ:DUOL) from $470 to $600 and reiterated a “Buy” rating.
This decision came after a proprietary analysis of Duolingo course enrollments, which the analyst uses to measure the company’s user growth.
A close up macro image of someone using a mobile device to learn a new language.
Swanson’s analysis shows that Duolingo, Inc.’s daily active user (DAU) growth in the second quarter is exceeding the consensus forecast of 43.7% year-over-year growth. It is also slightly beating the company’s own guidance of 40-45% DAU growth, which Duolingo, Inc.’s management shared during the Q1 earnings report.
The analyst expressed confidence that Duolingo, Inc.’s performance can exceed current consensus estimates. The Buy rating and the increased price target reflect Swanson’s belief in the company’s strong growth potential.
Duolingo, Inc. is an educational technology company that is known for its mobile learning platform that provides fun ways to learn different languages. It is available in more than 100 countries around the world.
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