New Oriental Education (EDU) PT Raised to $60 at Brean Capital
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Brean Capital analyst Fawne Jiang reiterated a Buy rating and raised his price target on New Oriental Education (NYSE: EDU) to $60.00 (from $52.00) following results.
commented, "EDU reported solid FY1Q17 results with upbeat FY2Q17 revenue guidance as a result of strong enrollment and improving retention on the back of its successful summer promotions. As such, management raised the company’s FY2017 revenue guidance. We view EDU as a key player to benefit from China’s fast-growing and resilient K12 tutoring market and remain positive on EDU’s growth going forward given 1) strong execution in K12 (on the back of aggressive market share gains), 2) anticipated margin expansion (based on a stabilized O2O spending and operating leverage from improvements in utilization and stringent cost controls), and 3) continued build-on of its strong brand equity and nationwide coverage through disciplined network expansion and investments in O2O/online products and services. We reiterate our Buy rating on EDU and raise our target price to $60 (from $52)."
Shares of New Oriental Education closed at $53.06 yesterday.
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