UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Grand Canyon Education

In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Grand Canyon Education

, but lowered its price target from $25.00 to $22.00. Deutsche Bank noted, “Decides against accepting campus in Massachusetts due to higher costs. Grand Canyon, based on completing its full due diligence, has decided to turn down the offer of the 217-acre campus in Northfield, MA due to higher expected costs to develop the campus than originally estimated. It was given the opportunity to have the campus on Sept 21, 2012 and at that time we had raised our price target from $21 to $25 to account for the value creation from the campus. We are now lowering our price target back to $22. The slightly higher price versus the previous $21 reflects the potential new opportunities that Grand Canyon has for future campuses.” Grand Canyon Education closed on Tuesday at $20.89.