UPDATE: Jefferies Initiates Coverage on Chegg on Emerging Platform in Educational Badlands

In a report published Monday, Jefferies analyst Brian Pitz initiated coverage on Chegg (NYSE: CHGG) with a Buy rating and $14.00 price target.

In the report, Jefferies noted, “We initiate with a Buy and $14 PT. With a focus on saving students time, money and helping them to get smarter, we believe Chegg is one of the best positioned in the rapidly evolving education products & services space and that there is meaningful upside from current levels. Jefferies acted as a lead manager in Chegg's Nov IPO.”

Chegg closed on Friday at $9.57.