UPDATE: BMO Capital Markets Reiterates Market Perform Rating, Lowers PT on Strayer Education Following 2Q13 Results Report

In a report published Friday, BMO Capital Markets analyst Jeffrey M. Silber reiterated a Market Perform rating on

, but lowered the price target from $51.00 to $40.00. In the report, BMO Capital Markets noted, “The company continues to focus on student continuation and persistence initiatives, including The Strayer University Graduation Fund (SUGF), which started with the summer enrollment cohort. Unfortunately, there are still many questions as to how this program will impact STRA's financial results, which could lead to some wide variation in Street estimates until management gives more detail in coming quarters (the discontinuation of its ‘outlook' also makes this more difficult). While revenue per student may not be affected much in 2013, that could change as the program ramps in 2014. We also expect double-digit enrollment declines to continue for several quarters.” Strayer Education closed on Thursday at $43.84.