S&P Equity Research Downgrades Career Education (CECO) to Sell
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S&P Equity Research downgrades Career Education (Nasdaq: CECO) from Hold to Sell.
S&P analyst, M. Jaffe, says, "Q1 EPS $0.18 vs. $0.31 is $0.02 below our forecast. Demand for Health and International programs has been improving, but a major reorganization in process hurt CECO's bottom line. We are cutting our '08 and '09 EPS estimates by $0.10 each, to $0.80 and $0.90. CECO has had positive regulatory rulings since '07, and is acting to improve its business model. But a large number of moving parts in its business greatly reduces visibility, in our view. We leave our target price at $14, 17.5X '08 estimate and a discount to peers, but view CECO as overvalued after recent appreciation."
Career Education Corporation (CEC) is an educational services company. [SM]
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