UPDATE: Bank of America Raises PO to $3.80 on Xueda Education

Bank of America raises its price objective to $3.80 on Neutral-rated Xueda Education XUE on updated sales projections following solid Q4 results. Bank of America says, "4Q revenue was up 28% YoY, to US$48m, 10%/11% above our/market estimates. Operating loss was 12m vs our/market estimates of 9m/6m, mainly due to 10ppt YoY decline of gross margin. We raise our ‘12 sales projection 15%, and up our PO to US$3.8." XUE closed at $3.61 a share yesterday.