According to a research report published this morning, Citi has increased ITT Educational Services' ESI PT from $65 to $70.
In the report, Citi said, "1) A solid beat quarter (though not clean); 2) Mgmt says New starts could turn positive in 2H12; 3) Placement rates and starting salaries increased; and 4) More Buybacks… and more to come. On the Negative side, 1) No PEAKS-like Private loan and Bad Debt set to increase; 2) New Starts were weak; 3) Persistence, though better than expected, dropped 110bps Y-Y; and 4) Material margin deleverage of 730bps despite efforts to control costs."
Citi maintains its Neutral rating on ITT, which is currently trading at $65.60.
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