Coursera Deal Catalysts Shift Udemy Valuation Narrative

Udemy's fair value anchor remains at $8.512 per share despite a slight adjustment in discount rate to 7.06% and revenue growth assumption to 4.38%. The Coursera merger is the main catalyst for the updated narrative, with KeyBanc downgrading the stock to Sector Weight from Overweight. The firm views the merger as a good outcome for shareholders but takes a wait-and-see approach on its impact on Udemy's growth profile and risk balance.