UPDATE: Stifel Nicolaus Raises PT to $36 on DeVry Following FQ2 Earnings

Stifel Nicolaus reiterated its Buy rating on DeVry DV and raised the price target from $30.00 to $36.00. Stifel Nicolaus noted, "DeVry's “transition year” is generally progressing better than expected – beating on revenue, EPS, medical volume metrics, and cost reductions. Expense shift (especially in advertising) to 2H benefited 2Q, but total costs are now expected to be down for the year. Enrollment turn at DeVry University will take time (new enrollment probably does not turn positive by year end) with 2014-2016 targeted as recovery and growth phase. We believe DV is well positioned over the intermediate/long term with focus on high demand programs (medical/technical) and solid value proposition." DeVry closed at $26.12 on Wednesday.