Needham & Company Maintains a 'Buy' on Career Education (CECO); Pause In China Pushes Revenues Back

Needham & Company maintains a 'Buy' on Career Education (NASDAQ: CECO) price target of $9.00.

Analyst, Michael Lew, said, "Sales growth was lower than expected due to a pause in activity in China, which also led to a y/y bookings decline. However, management views this issue as temporary and maintained its near-term outlook, noting that backlog in the current quarter has already exceeded the 2Q11 level of $52.6 million. In our view, Ceco Environmental is positioned to
benefit from the global focus on pollution reduction."

Lew also mentioned that CECO has had several large deals in America (over $1 mln) and that activity in China is improving with the possibility of some larger deals coming from that market. The challenge will to be to convert them into contractual backlog. However, we believe Ceco is well positioned to benefit from the region’s focus on pollution control."

For an analyst ratings summary and ratings history on Career Education click here. For more ratings news on Career Education click here.

Shares of Career Education closed at $7.00 yesterday.

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