UPDATE: Piper Jaffray Upgrades DeVry (DV) to Overweight

Piper Jaffray upgraded DeVry (NYSE: DV) from Neutral to Overweight with a price target of $54.00 (from $34.00).

Analyst Peter P. Appert said, "Continued strength in its Healthcare and International operations and the potential for a sharp margin rebound at the DeVry University unit make us increasingly optimistic on the prospect for a meaningful earnings recovery at DV over the next two years."

"While we have long viewed DeVry as one of the "class acts" of the postsecondary sector, with quality programs, differentiated positioning, and a strong record of compliance, we have not been fans of the stock given mixed earnings results and weak enrollment trends at the DeVry University (DVU) unit. With EPS growth expected to reaccelerate in F15/ F16, we see potential for healthy upside in the shares over the next 12 months and accordingly upgrade to Overweight," he added.

For an analyst ratings summary and ratings history on DeVry click here. For more ratings news on DeVry click here.

Shares of DeVry closed at $40.36 yesterday.

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