UPDATE: Piper Jaffray Raises PT on China Distance Education

Piper Jaffray increased its price target from $6 to $7 on China Distance Education

while maintaining an Overweight rating on shares. Piper Jaffray noted, "We maintain our OW rating on DL shares, while increasing our PT from $6 to $7 (15x NTM PF EPS + $1.40 net cash/share, PT justification unchanged). China Distance delivered decent results considering the delays in the APQE and CPA exam schedules, with Q3 revenue (adjusted for new distributor revenue sharing arrangement) coming in slightly below our estimate. GAAP EPS of $0.04 beat our estimate by a penny." China Distance Education closed at $3.05 on Thursday.