UPDATE: Piper Jaffray Raises ChinaEdu's PT
In a research report published today by Piper Jaffray, ChinaEdu Corp. (NASDAQ: CEDU) delivered good 4Q11 results with EPS in-line.
Piper Jaffray said in the report, “GAAP EPS came in at $0.02, in line with the Street but ahead of our $0.01 estimate. We remain on the sidelines with respect to CEDU shares until we have better visibility on Spring 2012 online degree services enrollments after a slow start to the recruiting season, see consistent improvement in the online tutoring and international curriculum businesses, and are convinced the company's cost structure has stabilized. We maintain our Neutral rating and raise our PT from $6.00 to $7.00 (9.7x CY12E PF EPS + net cash/share).”
ChinaEdu is currently trading at $6.88.
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