Wells Fargo Downgrades Apollo Group (APOL) to Market Perform

March 27, 2013 7:07 AM EDT
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Price: $9.99 +0.40%

Rating Summary:
    5 Buy, 13 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Wells Fargo downgraded Apollo Group (NASDAQ: APOL) from Outperform to Market Perform and cut its valuation range from $32-$35 to $17-$19 following the company’s FQ2 earnings report.

In its downgrade, the firm said while attractive cash flow could spark a rally at the earliest sign of stable demand, "we fear that the negative effects of the company's campus closures could persist for several more quarters, pushing a likely catalyst into CY2014."

Wells Fargo cut FY2013 EPS estimate to $2.77 from $2.80 and FY2014 estimate to $2.20 from $2.83.

For an analyst ratings summary and ratings history on Apollo Group click here. For more ratings news on Apollo Group click here.

Shares of Apollo Group closed at $17.76 yesterday.

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