UPDATE: Deutsche Bank Downgrades DeVry to Hold, Lowers PT on Deteriorating Trends

In a report published Wednesday, Deutsche Bank analyst Paul Ginocchio downgraded the rating on DeVry

from Buy to Hold, and lowered the price target from $32.00 to $28.00. In the report, Ginocchio noted, “We are downgrading DV from Buy to Hold; we believe shares are fairly valued based on our meaningfully reduced forward estimates. Following a significant set-back in the enrollment recovery at DeVry U/Keller, we are cutting June qtr EPS from $0.50 to $0.42 (prior Street $0.47) and FY14E EPS by 21% from $2.57 to $2.03 (prior Street $2.70). We lower our target from $32 to $28. We rate DV a Hold as the low implied valuation of DeVry/Keller within DV is offset by the deteriorating operating trends.” DeVry closed on Tuesday at $34.03.