Google is wishy-washy on the answer to this, but Rand's answer is the one I lean on - https://moz.com/community/q/moz-s-official-stance-on-subdomain-vs-subfolder-does-it-need-updating
I think that's a great thread to review.
https://moz.com/community/q/moz-s-official-stance-on-subdomain-vs-subfolder-does-it-need-updating