Credit Suisse initiates coverage on DeVry (NYSE: DV) with a Outperform rating and a price target of $29.00.

Analyst T. Urdan commented, "Initiating Coverage with an Outperform rating and a $29 Target Price: While the FTC threat is formidable in terms of possible financial judgements and damage to the DeVry brand, we believe it affects only the rate of decline in the core business. The company's other businesses, which represent the foundation of our valuation case, should remain relatively unaffected. We are sympathetic to the company's claim of FTC overreach and do not consider management practices suspect as a result of the allegations."

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Shares of DeVry closed at $18.08 yesterday.