UPDATE: Deutsche Bank Raises Target to $4 on Corinthian Colleges
Deutsche Bank maintains its Hold rating on Corinthian Colleges (NASDAQ: COCO) and raises its price target from $2.25 to $4 a share as the company finally sees new enrollment hiking.
Deutsche Bank says, "Shift to FT from PT online working New enrollment trends are improving while fewer graduates helped Dec Qtr persistence. Also, shifting part-time associates to full-time seems to be working - but will potentially hurt revenue and margins long-term. Our FY 3Q12E EPS increases from $0.11 to $0.17 (Street at $0.14) and we raise FY12E (June) EPS from $0.23 to $0.37 vs the Street at $0.24. We maintain our Hold due to the still significant uncertainty in the business model offsetting the low relative valuation."
COCO closed at $3.01 a share yesterday.
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