** Shares of online learning platform Chegg Inc CHGG.N down 8% to $1.49
** Brokerage Morgan Stanley downgrades the stock to "underweight", cuts stock PT to $1.25 from $2
** The market is not appropriately pricing in the material step-down in demand trends - Morgan Stanley
** The latest deterioration caused by changes in the internet search experience, with AI-generated content displayed at the top of search results pages, effectively disintermediating content sites like Chegg - brokerage
** Eight of 11 brokerages rate the stock "hold" and three rate it "sell" or lower; their median PT is $1.50 according to data compiled by LSEG
** CHGG fell ~86% in 2024
(Reporting by Juby Babu in Mexico City)
((Juby.Babu@thomsonreuters.com;))
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