Coursera: Solid First Quarter Post-UDMY Merger, w/2026 Guidance Raise & Continued Path Toward AI-Native Skills Enablement; Remain OW w/$8 PT

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Coursera: Solid First Quarter Post-UDMY Merger, w/2026 Guidance Raise & Continued Path Toward AI-Native Skills Enablement; Remain OW w/$8 PT

J P M O R G A N North America Equity Research

30 July 2026

Coursera

Solid First Quarter Post-UDMY Merger, w/2026 Overweight

Guidance Raise & Continued Path Toward AI-Native COUR, COUR US

Skills Enablement; Remain OW w/$8 PT Price (29 Jul 26):$6.18

Price Target (Dec-27):$8.00

COUR reported solid results in its first earnings call following the Udemy Internet - Mid & Small Cap

ACmerger, w/the company raising 2026 guidance by ~1% across Total Revenue Bryan M. Smilek

& ~100bps across Adj. EBITDA margins. CEO Greg Hart remains bullish on the (1-212) 622-8886

combined entity’s opportunity to build a unified platform combining content, skills bryan.smilek@jpmorgan.com

intelligence, and product capabilities to deliver a more personalized, measurable, Doug Anmuth

and AI-native learning experience for both enterprises & consumers. COUR (1-212) 622-6571

continues to drive faster product innovation to optimize the learner experience, douglas.anmuth@jpmorgan.com

w/expanded Role Play capabilities (video, avatars, etc.), the launch of Ollie, & Andrew Watts

MCP expansion including the Coursera Connector for Claude, among other core (1-212) 622-9400

andrew.watts@jpmorgan.com

product enhancements. Yesterday, COUR announced a $100M investment (~33% J.P. Morgan Securities LLC

stake) in co-founder Andrew Ng’s LearnVector, which should complement

COUR’s AI-driven learning initiatives over time. Beyond product initiatives,

Consumer Subscription Revenue (+19% Y/Y reported) demand remains strong — Key Changes (FYE Dec)

led by Coursera Plus — and we believe Enterprise should benefit from the Prev Cur Δ

salesforces’ recent re-alignment.