UPDATE: Deutsche Bank Downgrades Bridgepoint Education to Sell, Reiterates $13 PT on Increased Price Competition

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

from Hold to Sell, but reiterated the $13.00 price target. In the report, Deutsche Bank noted, “With the recent price reductions at University of Phoenix and Strayer, Ashford is now the most expensive of these national online players. We have lowered our estimates for Ashford University as we now assume they will have to lower their tuition price in the coming year to remain competitive. We have 5% tuition reductions in for '14E and '15E. Our '14E revs/EPS goes from $649m/$0.47 to $620m/0.22. We have Ashford at breakeven in '15E. Due to our significantly lower estimates versus consensus, we downgrade Bridgepoint to a Sell. Our price target remains $13.” Bridgepoint Education closed on Friday at $19.61.