UPDATE: Morgan Stanley Reiterates on K12 Following Academic Day

In a report published Monday, Morgan Stanley analyst Suzanne E. Stein reiterated an Overweight rating on

, but removed the $29.00 price target. In the report, Morgan Stanley noted, “K12 hosted its second annual Academic Day at its headquarters to showcase the progress it is making on addressing the needs of its diverse student population. Concurrent with the day, it released its Academic Report, which detailed results of state assessments and Scantron Performance tests, which measure progress. The key conclusion was that persistence is the key to improving student performance - the longer students stay with K12, the more they progress.” K12 closed on Friday at $21.63.