UPDATE: Piper Jaffray Increases PT on Apollo Group to $37.

Piper Jaffray reiterates a Neutral rating on Apollo Group

and decreased its price target from $38 to $37. Piper Jaffray notes, “Aggressive cost management efforts translated into an EPS beat for Apollo, but lingering uncertainty around enrollment growth creates a near-term headwind to improved stock performance. While we expect F2013 to represent the trough in earnings, our F2013 & F2014 estimates move lower in the context of more conservative enrollment growth assumptions. Accordingly, we continue to believe it is too early to own APOL shares.” Apollo Group closed at $32.47 yesterday.