Duolingo_ Max & AI Product Cycle Supports Potential 2025 Bookings Growth Upside; Modeling 2H DAU Growth Re-Accel; Adj. EBITDA Margin Pick-Up in 2H; Reiterate OW & $410. Fri Feb 28 2025

J P M O R G A N North America Equity Research 28 February 2025 Duolingo Max & AI Product Cycle Supports Potential 2025 Bookings Growth Upside; Modeling 2H DAU Growth Re-Accel; Adj. EBITDA Margin Pick-Up in 2H; Reiterate OW & $410 ▲Price Target (Dec-25):$410.00 Prior (Dec-25):$400.00 DUOL shares traded down -7% post-close as the 2025 Bookings & Adj. EBITDA guide were modestly below high investor expectations. However, we're encouraged by DUOL's AI product cycle led by Max, which comprises ~5% of paid subscri ...