KeyBanc Maintains Overweight on Udemy, Lowers Target to $9

Core Insights - Udemy, Inc. is recognized as a promising EdTech stock, with KeyBanc maintaining an Overweight rating while lowering the price target to $9 from $11 due to an accelerated shift towards subscription models [1][3]. Financial Performance - For Q3 2025, Udemy reported revenue of approximately $195.7 million, slightly exceeding expectations, with a strong emphasis on the transition to recurring subscription revenue [2][3]. - The company highlighted continued traction in its subscription businesses, which aligns with its strategic update earlier in the year [3]. Market Position and Strategy - Udemy operates a global learning marketplace and an enterprise offering, Udemy Business, providing curated course libraries and hands-on learning tools to organizations worldwide [4]. - The commentary surrounding the Q3 results focused on the implications of the subscription mix for both near-term growth and long-term sustainability [2][3].