UPDATE: Bank of America Merrill Lynch Reiterates Underperform Rating, Lowers PT on Career Education Corp.

In a report published Monday, Bank of America Merrill Lynch reiterated its Underperform rating on Career Education Corp.

, but slightly lowered its price target from $3.50 to $3.00. BofA Merrill Lynch noted, “We believe shares of Career Education could exhibit upside over time as it works to address a host of regulatory and operational issues, However, we rate shares Underperform as we believe upside will be limited near-term given the CEO void, job placement issues, and broader issues impacting the industry.” Career Education Corp. closed on Friday at $2.93.