UPDATE: Goldman Sachs Reduces PT to $52 on Strayer Education on Volatile Enrollment

Goldman Sachs reiterated its Neutral rating on Strayer Education

and lowered its price target from $80 to $52. Goldman Sachs said, "Following Strayer's disappointing 4Q and 2013 outlooks, we lower our estimates to reflect 1) softer enrollment trends owing to new deceleration and no 2013 campus growth, 2) a higher than anticipated cost base, and 3) uncertainty around capital returns on an elimination of the dividend in 2013 and another quarter of no buyback activity. Our FY12/13/14 EPS lower to $5.73 / $4.71 / $4.98 from $5.92 / $5.82 / $7.82. We factor 2% yoy new student growth in FY13 with flat revenue per student, given continued mix shift towards graduate students." Strayer Education closed at $46.51 on Friday.