UPDATE: Piper Jaffray Lowers Price Target on New Oriental Education to $36

According to Piper Jaffray, New Oriental Education EDU price target is lowered to $36. Piper Jaffray said that it continues to recommend EDU shares and view yesterday's sell-off due to lower 3Q top-line guidance as a buying opportunity. “We believe the company will be able to generate 30% long-term earnings growth, which underpins our $36 price target (30x CY12E PF EPS), down modestly from $38.50 previously.” New Oriental Education closed yesterday at $22.36.