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Benzinga

Business

Shivani Kumaresan

Berenberg Downgrades This Education Services Company

Berenberg (Organization) GCU Department of Education

Berenberg analyst Phillip Leytes downgraded Grand Canyon Education Inc (NASDAQ:LOPE) to Hold from Buy with a price target of $86, down from $110, suggesting an upside of 7.7%.
Given increased uncertainty around the business, Leytes is moving to the sidelines. He expects the business to continue to rely primarily on GCU enrollments that are decelerating, as shown in Q3 results.
He believed that shares are currently fairly valued when he considered the company's significant customer concentration risk and GCU's ongoing dispute with the Department of Education over its nonprofit status.
Price Action: LOPE shares are trading lower by 3.01% at $79.80 on the last check Friday.

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