UPDATE: Piper Jaffray Lowers Price Target on Strayer Education to $91

According to Piper Jaffray, Strayer Education

price target is lowered to $91. Piper Jaffray said that it is trimming its price target for Strayer and several of the other postsecondary education companies to factor in the latest operating fundamentals and industry trends. “We are lowering our price target for Strayer to $91 based on 12x 2012E EPS of $7.55 from $98. Our multiple comes down from its previous 13x given recent enrollment and earnings challenges and overall multiple compression in the market.” Strayer Education closed yesterday at $94.44.