UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on TAL Education Group

In a report published Wednesday, Deutsche Bank reiterated its Buy rating on TAL Education Group

, but lowered its price target from $15.60 to $13.80. Deutsche Bank noted, “XRS recorded a top line of US$49m in FY3Q13 (+20% YoY) which was largely in line with company guidance, but slightly below consensus. The company witnessed slower student enrollment growth of a mere 9% YoY, which we believe is attributable to 1) negative regulatory impact, and 2) muted network expansion and scale-back in the 1*1 segment (total network -6% YoY), given the company's strategic focus on operational efficiency and quality of growth. Buy maintained, underpinned by the upside potential to our target price.” TAL Education Group closed on Tuesday at $8.83.