KeyBanc analyst Monika Garg lowered her price target for 2U to $80 from $100 on lower 2019 EV/sales multiple given program specific factors and lower profitability expectations. The analyst notes the company reported modestly better Q3 results, and raised 2018 guidance accordingly. While 2U provided 2019 revenue guidance in line with expectations, it lowered EBITDA to prioritize investments, she points out, adding that 2U indicated academic leadership changes at two early programs were impacting 2019 DGP growth. Garg reiterated an Overweight rating on the shares.