UPDATE: Deutsche Bank Downgrades ITT Education Services to Sell

Deutsche Bank lowers its rating on ITT Educational Services

and cuts its price target to $50, down $10 on enrollment and tuition pricing concerns. Deutsche Bank notes, "We are downgrading ESI from Hold to Sell due to 1) concerns about new enrollment trends due to the improving labor market, and 2) the belief that ESI over time has to continue to effectively lower tuition prices due to a more price sensitive student. With the stock up 20% YTD, despite yesterday's 5% decline, we think it is an opportune time. We lowered '12E & '13E EPS by 1% and 9%, respectively, due to our lowered new enrollment expectations." ESI closed at $68.29 a share yesterday.