UPDATE: Barrington Research Lowers PT to $90 on ITT Educational Services

A report from Barrington Research reiterates its Outperform rating and lowers its price target from $100 to $90 on ITT Educational Services (NYSE: ESI).

The report states, “[Yesterday] morning, before the market's open, ITT Educational Services reported the financial results of its third quarter ended September 30, in which EPS (beat consensus by $0.20) was significantly ahead of expectations. In addition, management raised full-year 2011 guidance and provided preliminary 2012 guidance that was in line with consensus estimates. After initially trading higher, the stock reversed on concerns over its students' access to private financing in 2012, since its current funding program (PEAKS) is near an end”.

ESI closed yesterday at $61.64.