Credit Suisse Downgrades Capella Education (CPLA) to Neutral on Valuation
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Credit Suisse downgraded Capella Education (NASDAQ: CPLA) from Outperform to Neutral with a price target of $85.00 (from $76.00), citing valuation.
Analyst Trace Urdan commented, "We are downgrading our rating of Capella shares to Neutral from Outperform based on valuation. We acknowledge the re-rating that has taken place in the For-Profit School sector following the national election. The prospect of an improving regulatory environment makes the stocks broadly investible again and, as lender nerves are eased, could even make go-private transactions newly tenable. However at a 26% premium to the S&P PE multiple, we think the shares could take a breather while the company earns its way into its new valuation."
Shares of Capella Education closed at $85.35 yesterday.
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