Wunderlich Securities Maintains Hold, $52 Target on DeVry

Wunderlich Securities reiterates its Hold rating and $52 target price on DeVry (NYSE: DV) as 2Q12 enrollment shortfall pressures investment spending. Wunderlich Securities notes, "Though DeVry (DV) made some progress in cutting expenses at its core DeVry University business, it proved insufficient to cover the increased level of investment spending in growing allied health and international business. The company insists that it will make further expense reductions but had no encouraging words regarding expected February term enrollments. With another likely reduction in Street estimates, the stock looks more interesting here but with Q3 enrollment expected to be similarly weak, we believe investors still have some time to act."DV closed at $39.70 a share on Friday.