UPDATE: Oppenheimer Reiterates a Perform on Apollo Group

Oppenheimer maintains a Perform rating on Apollo Group

. Oppenheimer comments, “Positively, APOL raised its full-year operating income guidance range and tightened the top end of revenue guidance. Despite the increased operating income guidance, the starts environment is expected to remain choppy as APOL warned of likely 4Q12 negative starts growth. Although APOL has made strides in managing the potential outcomes of its students, new enrollment volatility remains a challenge. We remain on the sidelines pending enhanced clarity into enrollment (particularly starts).” Apollo Group closed at $32.47 on Monday.