UPDATE: Wunderlich Initiates Apollo Group at Hold

Wunderlich is out with its report today on Apollo Group APOL, initiating APOL at Hold. In its report, Wunderlich writes, "We are initiating coverage of Apollo Group, Inc. with a Hold rating and a price target of $49. We are highly supportive of Apollo's current restructuring process, which goes further than that of any other company in the group toward focusing on the quality of student outcomes over growth. Long term, we expect this will position APOL shares to once again emerge as a valuation leader." At the time of posting, shares of APOL were trading at $44.35, down 1.05% from Thursday's close.