UPDATE: Citi Lowers Career Education's PT

According to a research report published earlier today, Citi has lowered Career Education Corp.'s

PT from $11 to $10. In the report, Citi commented, “While CECO reported a Top/Bottom Line Beat quarter, with Rev/EPS of $440MM/$0.31 that came in ahead of the Street at $437MM/$0.26, Adj. Op Inc of $20MM was solidly below of Street at $30MM. CECO continues to face numerous regulatory and accreditation hurdles, and on the call, management laid out a "new strategy… to deal with current challenges". With enrollment down 14% Y/Y, new enrollment down 24% Y/Y, revenues down 17% and operating income down 77% Y/Y, CECO is clearly entering 2012 from a materially weakened position including various operational changes and slowing demand.” Citi maintains its Neutral rating on Career Education, which closed yesterday at $9.10.