Barclays on U.S. Education Services: Q2 Preview - Report Cards Out Soon (CECO, DV, APEI)
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Price: $20.85 +1.16%
Rating Summary:
4 Buy, 14 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
4 Buy, 14 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
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Barclays on U.S. Education Services: Q2 Preview - Report Cards Out Soon
Analyst, Gary E. Bisbee, said, "As evidenced by Apollo's (Nasdaq: APOL) recent quarter, it's clear that the enrollment environment remains very difficult with little visibility into when it will rebound. On a positive note, we expect several companies under our coverage to return to modest new student growth this quarter, as they lap steep enrollment declines from changes made to improve student outcomes a year ago."
"We continue to be below consensus for many companies this quarter, and to a greater extent for FY'12-'13, with Career Education (Nasdaq: CECO) and DeVry (NYSE: DV) the largest differential."
"We continue to recommend American Public Education (Nasdaq: APEI) (1-Overweight) as our top Education Services pick due to its industry-low price point and quality student outcomes, which we expect to drive continued enrollment growth outperformance in 2012-13."
Barclays lowers price target on APEI from $42 to $39.
For EW-rated DV, price target lowered from $34 to $21, FY12 cut from $3.46 to $3.19 and FY13 from $2.78 to $1.70.
EW-rated Education Mgmt (Nasdaq: EDMC) price target cut from $15 to $10, FY13 EPS estimate lowered from $0.83 to $0.81.
OW-rated Bridgepoint Education (NYSE: BPI), PT remains $16, but FY12 EPS estimate cut from $2.48 to $2.34 and FY13 from $2.73 to $2.12.
EW-rated Corinthian Colleges (Nasdaq: COCO) PT $4, FY13 EPS estimate raised from $0.37 to $0.38.
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Analyst, Gary E. Bisbee, said, "As evidenced by Apollo's (Nasdaq: APOL) recent quarter, it's clear that the enrollment environment remains very difficult with little visibility into when it will rebound. On a positive note, we expect several companies under our coverage to return to modest new student growth this quarter, as they lap steep enrollment declines from changes made to improve student outcomes a year ago."
"We continue to be below consensus for many companies this quarter, and to a greater extent for FY'12-'13, with Career Education (Nasdaq: CECO) and DeVry (NYSE: DV) the largest differential."
"We continue to recommend American Public Education (Nasdaq: APEI) (1-Overweight) as our top Education Services pick due to its industry-low price point and quality student outcomes, which we expect to drive continued enrollment growth outperformance in 2012-13."
Barclays lowers price target on APEI from $42 to $39.
For EW-rated DV, price target lowered from $34 to $21, FY12 cut from $3.46 to $3.19 and FY13 from $2.78 to $1.70.
EW-rated Education Mgmt (Nasdaq: EDMC) price target cut from $15 to $10, FY13 EPS estimate lowered from $0.83 to $0.81.
OW-rated Bridgepoint Education (NYSE: BPI), PT remains $16, but FY12 EPS estimate cut from $2.48 to $2.34 and FY13 from $2.73 to $2.12.
EW-rated Corinthian Colleges (Nasdaq: COCO) PT $4, FY13 EPS estimate raised from $0.37 to $0.38.
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