UPDATE: Bank of America Raises PO to $25 on K12 on Outlook for New School Openings
Bank of America reiterated its Buy rating on K12 (NYSE: LRN) and increased its price objective from $24 to $25.
Bank of America commented, "Management suggested election results could be favorable for new school openings and increasing enrollment caps. Georgia will allow an appointed statewide commission to authorize charter schools. Washington also voted to allow charter schools. In California, the passing of Prop 30 reduces the likelihood of funding cuts in the state. This should help revenue per student, as management had previously expected a decline in funding in California (estimate ~10% of enrollment)."
K12 closed at $19.57 on Friday.
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