Wunderlich Securities Reiterates Buy, $3.50 on Corinthian Colleges

Wunderlich Securities maintains its Buy rating and $3.50 target price on Corinthian Colleges (NASDAQ: COCO) as it expects the company to perform in line with estimates and its own guidance for the December quarter.

Wunderlich Securities notes, "For Q2 the company expects revenue of $412-$422 million, diluted EPS of $0.00-$0.02, new student growth of -2% to -4%, a diluted share count of 85.4 million shares, and a tax rate of 40%. For the full year, COCO expects diluted EPS of $0.30-$0.35, positive new enrollment growth in Q3 and Q4, $55-$60 million in annualized cost reductions, capital expenditures of $45-$50 million, and cash flow from operations of $225 million."

COCO closed at $3.15 a share yesterday.

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