Wells Fargo Downgrades Career Education (CECO) to Market Perform

Wells Fargo downgraded Career Education (NASDAQ: CECO) from to Market Perform and lowered their valuation range to $2-6 from $5-7.

The firm comments, "We are downgrading our rating on CECO to Market Perform from Outperform following the unveiling of the company's turnaround plan. Given the poor visibility into enrollment and margins and the likely high cash cost of campus closures, we think the shares could remain range-bound until the company is able and willing to provide greater visibility around future earnings."

FY2012 EPS estimate moves to -$0.44 from -$0.13 and FY2013 EPS estimate moves to -$0.23 from -$0.18.

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 $2.82 yesterday.

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