Piper Jaffray reiterated a Neutral rating on ITT Educational Services (NYSE: ESI), and raised the price target to $4.75 (from $3.50), following the company's 4Q earnings report. 4Q Revenue of $202.4M was ahead of $201.5M estimates, driven by slightly better-than-anticipated new enrollments. EPS of $0.44, beat $0.09 estimates on further aggressive cost cutting, most notably within Student Services and Admin Expenses.

Analyst Peter Appert commented, "Aggressive cost reduction efforts drove 4Q EPS upside; however, the company continues to battle disappointing near-term start and enrollment trends. Given the limited visibility into the long-term enrollment and earnings outlook for ITT, we remain on the sidelines. Maintain Neutral."

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Shares of ITT Educational Services closed at $3.20 yesterday.