For profit education company Apollo Group (APOL) is falling after a Wells Fargo analyst downgraded the stock, citing what he sees as the company's uncertain outlook. Apollo reported stronger than expected second quarter results on March 25, but its student enrollment was below analysts' consensus estimates. WHAT'S NEW: Wells Fargo analyst Trace Urdan dropped his rating on Apollo to Market Perform from Outperform in a note to clients earlier today. Apollo's decision to close a number of its campuses appears to be having a greater negative effect than the company anticipated, wrote Urdan, adding that these negative trends could continue for several more quarters. Meanwhile, Apollo's new advertising strategy doesn't appear to be significantly increasing demand, the analyst believes. Moreover, the stock can't rebound significantly until the company's new enrollment stabilizes, and Apollo's management doesn't seem to know how to make that happen, he wrote. Urdan slashed his price target range on the shares to $17-$19 from $32-$35. WHAT'S NOTABLE: Apollo's stock jumped more than 5% to $18.25 on the day it reported its results, but has since retreated. In early trading today, the shares slid 54c, or 3%, to $17.22.