Credit Suisse Downgrades DeVry (DV) to Neutral Amid CFO Departure
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Rating Summary:
21 Buy, 1 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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Credit Suisse downgraded DeVry (NYSE: DV) from Outperform to Neutral with a price target of $17.00 (from $25.00) following news the CFO is leaving.
Analyst T. Urdan commented, "With the announcement after the close that CFO Tim Wiggins is leaving the company, replaced by former treasurer Patrick Unzicker, we no longer feel confident in our investment thesis, which was predicated in part on the graceful cost-cutting program instituted and supervised by Wiggins. And while we continue to see value in the sum of the parts of the company; that someone as capable and insightful as Wiggins could walk away from the potential upside offered by DV shares is a significant blow to our own confidence in the investment case."
For an analyst ratings summary and ratings history on DeVry click here. For more ratings news on DeVry click here.
Shares of DeVry closed at $18.20 yesterday.
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