UPDATE: Piper Jaffray Downgrades Strayer Education to Underweight, Lowers PT

In a report published Friday, Piper Jaffray & Co. downgraded its rating on Strayer Education STRA from Neutral to Underweight, and lowered its price target from $85.00 to $53.00. Piper Jaffray noted, “Based on sharply lower earnings expectations and limited visibility on sustainable earnings growth, we downgrade our rating to Underweight from Neutral. With negative earnings comparisons anticipated for at least another year, less differentiated program offerings, and relatively high tuition rates, we see further room for P/E multiple downside, even acknowledging the stock's sharp correction over the past year.” Strayer Education closed on Thursday at $79.44.