UPDATE: Piper Jaffray Lowers PT on American Public Education to $41 (APEI)

Piper Jaffray is out with its report today on American Public Education

, lowering its PT from $43 to $41. In a note to clients, Piper Jaffray writes, "We maintain our Neutral rating. Our price target moves from $43 to $41 based on 20x 2012E EPS of $2.07, as we roll forward to use 2012 estimates and revise our multiple. Our 20x multiple is down from 22x to discount for the roll-forward and to reflect the lower earnings growth potential of the company as it shifts increasingly to lower-margin civilian enrollments." Shares of APEI closed Tuesday at $45.19, up 3.62% from Monday's close.