UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on Career Education Corp.

In a report published Monday, BMO Capital Markets reiterated its Market Perform rating on Career Education Corp.

, but slightly lowered its price target from $5.00 to $4.00. BMO Capital noted, “We are reducing our estimates as follows: 4Q12 loss per share to $(0.39) from $(0.25); 2012 loss per share to $(0.52) from $(0.18); 2013 loss per share of $(0.08) from EPS of $0.15. We note we have little confidence in our estimates, especially as the company did not disclose the details of the expected 23 school closures that will likely be grouped as Transitional Schools next quarter. We are reducing our target price to $4 from $5. This assumes CECO trades at the average of its and the industry current TTM EV/EBIDTA multiple, or roughly 0.5x, using our adjusted EBITDA estimate for CECO for the period ending 9/30/13, or roughly $18.5 million.” Career Education Corp. closed on Friday at $2.93.