Career Education (CECO) Management Change Comes Too Late - Analyst

This morning Career Education Corporation (CEC) (NASDAQ: CECO) named veteran education and business leader Scott Steffey its President and Chief Executive Officer. Analysts at Wells Fargo view the move as too late and too expensive.

"While we have a high regard for Mr. Steffey and his accomplishments at Strayer, in our opinion he has been too long removed from the sector, having left Strayer in 2005, to be effective in a timely manner at CECO. His experience at Strayer is only nominally similar, in our opinion, to the challenges he faces at CECO which we do not believe can afford yet another period of transition," said analyst Trace A. Urdan.

Wells Fargo maintained a Market Perform rating on Career Education and lowered its price target to $1.50 to $3.00 from $3.00 to $4.00.

For an analyst ratings summary and ratings history on Career Education (NASDAQ: CECO) click here. For more ratings news on Career Education click here.

Shares of Career Education closed at $2.28 yesterday.

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