Piper Jaffray Downgrades ITT Educational Services (ESI) to Underweight, $0.00 Price Target
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Piper Jaffray downgraded ITT Educational Services (NYSE: ESI) from Neutral to Underweight with a price target of $0.00 (from $3.00), saying the latest move by the Dept. of Education could be the death knell.
Analyst Peter Appert commented, "A just-announced Dept. of Education ban on ITT Education enrolling new students will likely be the final blow in putting the company out of business. While ESI can likely maintain near-term profitability by further slashing costs, given a ban on new enrollments the company will very quickly become unprofitable, likely forcing shutdown and/or bankruptcy, in our view. We move to an Underweight rating and $0 price target."
Shares of ITT Educational Services closed at $1.40 yesterday.
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