Craig-Hallum analyst Alex Fuhrman downgraded shares of Chegg to Hold from Buy following the company's Q1 results that beat expectations In a research note to investors, Fuhrman said that he is moving to the sidelines on valuation, though he continues to believe Chegg Study will be the "go-to destination" for students and Chegg will be able to further leverage this base into additional digital offerings. Despite the downgrade, Fuhrman raised his price target to $24 from $21, saying he could become more positive on the stock if if sees a pullback in valuation, as well as any increased visibility into accelerated growth within additional digital service offerings, increased international opportunities, increased pre-and-post college subscribers, or incremental developments with its Sallie Mae partnership.