Wells Fargo Starts DeVry (DV) at Outperform
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Price: $30.78 -1.35%
Rating Summary:
5 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
5 Buy, 13 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade DV Now!
Wells Fargo initiated coverage on DeVry (NYSE: DV) shares with an Outperform rating and a $32-$36 valuation range.
Amid "poor" visibility, Wells Fargo sees expectations low despite assets which are "sufficiently high quality" in order to put new money to work. The firm said, "...over the next two quarters, management will be prepared to define expectations with greater assurance, at which point investors should be ready to look ahead to FY2014 and even FY2015 expectations in valuing the stock."
Wells Fargo pointed to several factors which suggest performance has nearly bottomed:
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Amid "poor" visibility, Wells Fargo sees expectations low despite assets which are "sufficiently high quality" in order to put new money to work. The firm said, "...over the next two quarters, management will be prepared to define expectations with greater assurance, at which point investors should be ready to look ahead to FY2014 and even FY2015 expectations in valuing the stock."
Wells Fargo pointed to several factors which suggest performance has nearly bottomed:
- easier comparisons to demonstrate a momentum shift;
- efforts related to corporate sponsors and enrollment counselor training "should aid lead generation and conversions";
- confidence in positive spring enrollments amid a slowing decline; and
- aggressive cost cutting.
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