UPDATE: Bank of America Merrill Lynch Reiterates Neutral Rating, Lowers PT on Apollo Group

In a report published Friday, Bank of America Merrill Lynch reiterated its Neutral rating on Apollo Group

, but lowered its price target from $28.00 to $24.00. BofA Merrill Lynch noted, “We believe Apollo will be able to return to growth over time. However, we see limited near term catalysts given persistent new student start declines, increasing competition, and more price sensitive students. We await for signs that starts are stabilizing and that the company will be able deliver on its cost cutting initiatives before getting more constructive.” Apollo Group closed on Thursday at $21.78.