UPDATE: Piper Jaffray Reiterates Neutral Rating, Lowers PT on Career Education Corp. on Weak Fundamental Picture

In a report published Friday, Piper Jaffray reiterated its Neutral rating on Career Education Corp.

, but lowered its price target from $4.75 to $2.20. Piper Jaffray noted, “The fundamental picture remains weak at CECO, with anticipated operating losses through at least 2014 significantly diminishing the company's expected earnings power and visibility. With enrollments and margins under pressure, ongoing strategic repositioning and more regulatory issues than peers, we see limited investment appeal in CECO shares. Our Neutral rating is a function of weak medium-term fundamentals balanced by current cash balances roughly equal to the share price.” Career Education Corp. closed on Thursday at $3.22.