UPDATE: Deutsche Bank Reiterates Sell Rating, Lowers PT on Apollo Group

In a report published Wednesday, Deutsche Bank reiterated its Sell rating on Apollo Group

, but lowered its price target from $25.00 to $21.00. Deutsche Bank noted, “Lowering EPS and price target on weaker new enrollment trends. We think increased competition and price sensitivity are taking a toll on Apollo's new enrollment trends, as reported tonight. While there is slightly more cushion under the 90/10 threshold, it is not significant to make APOL price competitive, in our view. The reduced campus footprint could also have negative consequences, albeit modest, to new online enrollment. Our FY1Q13 EPS declines from $2.71 to $2.53 (street at $3.11) while FY14E declines from $2.01 to $1.79 (street $3.19).” Apollo Group closed on Tuesday at $27.52.