UPDATE: Piper Jaffray Raises New Oriental's PT

According to a research report published this morning, Piper Jaffray has increased New Oriental's

PT from $36 to $37. In the report, Piper Jaffray said, “We continue to recommend EDU shares as we believe New Oriental's recent acceleration in new learning center openings is the key to future share gains in tier 2 cities. Moreover, we are encouraged by 3Q's strong enrollment performance and expect the company will show operating margin improvement in [FY13].” Piper Jaffray maintains its Overweight rating on New Oriental, which is currently trading at $27.54.