Bank of America Lowers PO on DeVry to $49
Bank of America has published a research report on DeVry (NYSE: DV) after the company reported enrollment results for the Fall semester, which show weak recent trends.
In the report, Bank of America writes, "We are lowering EPS estimates 4% to reflect Fall enrollment results. DeVry undergraduate and Carrington (associate & diploma programs) new student declines were largely in line with our estimates, but Keller (graduate) & Chamberlain (nursing) were below. We expect FY12 to be the trough in earnings and expect to see improvement in start declines as comparisons ease and DV's organization adapts to regulatory-related operational changes. The challenging economy will likely remain an overhang into next year."
Bank of America maintains its Buy rating and has lowered the price objective from $52 to $49 on DeVry, which is currently trading down $0.44 from Friady's $34.79 closing price.
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