Bank of America Lowers PO on DeVry to $49

Bank of America has published a research report on DeVry

after the company reported enrollment results for the Fall semester, which show weak recent trends. In the report, Bank of America writes, "We are lowering EPS estimates 4% to reflect Fall enrollment results. DeVry undergraduate and Carrington (associate & diploma programs) new student declines were largely in line with our estimates, but Keller (graduate) & Chamberlain (nursing) were below. We expect FY12 to be the trough in earnings and expect to see improvement in start declines as comparisons ease and DV's organization adapts to regulatory-related operational changes. The challenging economy will likely remain an overhang into next year." Bank of America maintains its Buy rating and has lowered the price objective from $52 to $49 on DeVry, which is currently trading down $0.44 from Friady's $34.79 closing price.