DeVry Education Group (DV): Substantial Operating Leverage - PiperJaffray
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Piper Jaffray analyst, Peter Appert, reiterated his Overweight rating on DeVry (NYSE: DV) while acknowledging that the turnaround is still a work in progress. The analyst noted that revenue and earnings upside in F4Q and evidence of substantial operating leverage in the company's business model are positive signs. The analyst thinks earnings upside could be dramatic over the next several years with only modest improvement in enrollment trends.
Slightly better than expected revenue performance (down 0.3% y/y vs. -2.4% consensus) translated into a solid EPS beat as the company continues to demonstrate impressive cost discipline. EPS from operations of $0.65 (excluding restructuring and impairment charges totaling $0.81) beat consensus of $0.60 easily.
No change to the price target of $35.
Shares of DeVry closed at $21.94 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesPiper Jaffray, Earnings, Peter Appert
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