Oppenheimer analyst Brian Schwartz lowered his price target for 2U to $70 from $9 saying its reported results have become "squishier." The main issue is around lingering enrollment pressures that now require more spending to boost customer acquisition, he contends. The analyst believes this development will weigh on the margin outlook and supports the bear case. Overall, Schwartz remains long-term positive on the company, since it is still early in the digital learning disruption opportunity in Ed Tech with leadership positioning, but also expects 2U to remain controversial. He reiterates an Outperform rating on the shares.