Deutsche Bank today maintained a Hold rating price target of $17
Deutsche Bank today maintained a Hold rating on Apollo Education (NASDAQ: APOL) and a price target of $17. This morning the company reported Q2 results, with EPS topping estimates. However, new student enrollment showed "surprising deceleration".
"New student enrollment growth declined by 20% and worsened sequentially vs the -15% reported in the Nov quarter. New enrollment missed our -14% estimate and the Street’s -13% and is surprising given the 12 pt easier comp. Bachelor program starts fell by 24% and were the biggest miss vs our estimated 14% decline," noted analyst Paul Ginocchio.