BMO Capital analyst Jeffrey Silber lowered his price target on 2U to $75, noting that while the company exceeded Q3 consensus with its results, its initial 2019 guidance was disappointing. The analyst points to the management's expected ramped-up marketing expenditure to "acquire profitable enrollments and meet the demands of scale" as well as its plans for optimizing program spending rather than focusing on near-term margin expansion. Longer term, Silber also kept his Outperform rating with a positive view on the company's decision to invest for growth.