UPDATE: Deutsche Bank Initiates Hold, $25 PT on Grand Canyon Education

Deutsche Bank initiates its coverage on Grand Canyon Education

with Buy rating and a price target of $21 on the company's favorable competitive position. Deutsche Bank says, "With a differentiated growth strategy, based on its traditional Arizona campus brand and affordable tuition, Grand Canyon is well positioned to achieve above industry enrollment growth and margin expansion. We believe Grand Canyon offers an attractive investment opportunity given the company's low relative regulatory risk, unique marketing channel, and undemanding valuation for its growth." LOPE closed at $17.76 a share yesterday.