UPDATE: Piper Jaffray Downgrades Grand Canyon Education to Neutral, Reiterates $35 PT Following Strong Outperformance

In a report published Monday, Piper Jaffray analyst Peter P. Appert downgraded the rating on

from Overweight to Neutral, but reiterated the $35.00 price target. In the report, Piper Jaffray noted, “With LOPE shares now fairly valued after their strong outperformance in the past year, and near-term comps increasingly challenging, we downgrade our rating to Neutral from Overweight. We remain enthusiastic about LOPE's differentiated business model, long-term growth prospects and management team and would be inclined to revisit the shares on any material pull-backs.” Grand Canyon Education closed on Friday at $35.94.