Piper Jaffray analyst Peter Appert lowered its price target on Grand Canyon Education (NASDAQ: LOPE) to $45.00 (from $53.00) but maintained an Overweight rating following Q4 results.

Appert commented, "In refreshing contrast to most of its industry peers, LOPE reported 4Q results ahead of expectations with continued strong enrollment growth and initial 2016 guidance that tops current expectations. We see interesting upside in LOPE shares based on both attractive underlying fundamentals as well as the potential for a restructuring transaction."

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Shares of Grand Canyon Education closed at $33.63 yesterday.