UPDATE: Piper Jaffray Lowers Price Target on Universal Technical to $14

According to Piper Jaffray, Universal Technical

price target is lowered to $14. Piper Jaffray said that it is trimming its price target for Universal Technical Institute and several of the other postsecondary education companies to factor in the latest operating fundamentals and industry trends. “We are lowering our price target for UTI to $14 based on 14x CY2012E EPS of $0.98 from $15. Our multiple comes down from its previous 15x given recent enrollment and earnings challenges and overall multiple compression in the market.” Universal Technical closed yesterday at $13.18.