UPDATE: Oppenheimer Upgrades New Oriental Education & Technology Group to Outperform

Oppenheimer raised its rating on New Oriental Education & Technology Group (NYSE: EDU) from Perform to Outperform with a $25 price target following positive SEC feedback.

Oppenheimer commented, "EDU filed its FY12 20-F last Friday (10/12) with consistent historical financials, an unqualified auditor's report, additional VIE agreements & positive SEC comment on its historical financial reporting, indicating favorable outlook of the currently pending SEC investigation, which now relates to review of its FY12 20-F and the special committee's findings, per our understanding. Our channel checks also suggest its fundamentals remained intact during the past three months."

New Oriental Education & Technology Group closed at $17.14 on Friday.

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