UPDATE: Bank of America Initiates Coverage on Chegg as Digital Businesses Drive Accelerated Growth

In a report published Monday, Bank of America analyst Nat Schindler initiated coverage on Chegg (NYSE: CHGG ) with a Buy rating and $11.50 price target. In the report, Bank of America noted, “Chegg is a leading provider of learning media with over 180,000 print and 100,000 eTextbook titles available