KeyBanc Maintains Overweight on Udemy, Lowers Target to $9

Udemy, Inc. (NASDAQ:UDMY) is one of the best EdTech stocks to buy now.

On October 30, 2025, KeyBanc’s Jason Celino maintained an Overweight on Udemy and lowered the price target to $9 from $11, noting in his Q3 recap that an accelerated shift toward subscriptions informed the adjustment.

On October 29, 2025, Udemy reported third-quarter results that modestly topped expectations: revenue came in at about $195.7 million, with management emphasizing the ongoing transition to recurring subscription revenue across the platform. Commentary around the print and subsequent coverage focused on the subscription mix and its implications for near-term growth versus longer-term durability, which aligns with KeyBanc’s framing of the quarter.

KeyBanc Maintains Overweight on Udemy, Lowers Target to $9

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Udemy said the quarter reflected continued traction in its subscription businesses following the strategy update earlier this year, and it directed investors to its earnings materials and webcast for additional detail. Third-party recaps similarly highlighted the subscription transition alongside the revenue beat and operating improvements discussed with investors.

Udemy, Inc. (NASDAQ:UDMY), based in San Francisco, operates a global learning marketplace and an enterprise offering, Udemy Business, delivering curated course libraries and hands-on learning tools to organizations worldwide.

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Disclosure: None.