On July 28, Duolingo, Inc. rose 5.08% in regular trading, trading at $139.64/share, with turnover of $72.08 million. The rally was driven by a wave of investment bank target price upgrades combined with positive expectations ahead of the upcoming second-quarter earnings report.

On the news front, JPMorgan recently raised its target price on Duolingo from $94 to $125, a 33% increase, while maintaining a Neutral rating. Earlier in July, Wedbush also initiated coverage with a Neutral rating and a $139 price target. The company is scheduled to report Q2 results on August 5, with consensus EPS estimates at $0.61. Notably, Duolingo's Q1 actual EPS came in at $0.89, beating the $0.79 estimate by approximately 13%, providing fundamental support for the recent valuation recovery.

The stock had previously declined over 4% in mid-July when IBM's weaker-than-expected preliminary results pressured the broader software sector, making the current rebound partly a sentiment recovery from that episode.

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