Piper Jaffray Reiterates an 'Overweight' on Grand Canyon Education (LOPE); Raises Estimates
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- Piper Jaffray Reiterates an 'Overweight' on Grand Canyon Education (LOPE); Raises Estimates
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Piper Jaffray reiterates an 'Overweight' rating on Grand Canyon Education (Nasdaq: LOPE), price target raised by $1 to $25.
Piper analyst says, "Solid Enrollment Growth. Q3 enrollment growth of 55.8% y/y was above our 49.8% estimate. Q4 enrollment growth guidance of 46.0% y/y was roughly in-line with our prior 45.6% estimate. Note, Q409 has a tougher comparison than was the case for Q309 (Q408 y/y enrollment growth was +67.0% y/y vs. Q308 +63.7% y/y). FY10 enrollment guidance of 47K-49K was above our prior ~46K estimate...Raising FY10E Revenue and EPS. Flowing through Q3's outperformance, we are raising our FY09E revenue and GAAP EPS from $263M and $0.67, to $264M and $0.69 (Street: $262M & $0.67). Likewise, we are raising our FY10E revenue and GAAP EPS from $362M and $0.97 to $390 and $1.15 (Street: $364M and $0.99; guidance: $390M-$400M & $1.15-$1.23)."
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Grand Canyon Education, Inc. provides online postsecondary education services in the United States.
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