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December 4, 2012
10:03 EDTCECOCareer Education retreats after analyst downgrades stock
For-profit education company Career Education (CECO) is falling after Wells Fargo analyst Trace Urdan downgraded his rating on the stock to Market Perform from Outperform. The outlook for Career Education's enrollment and margins is uncertain, the analyst wrote. Moreover, the company is likely to spend a great deal of money on closing campuses, Urdan added. Career Education last month announced that it would close 23 of its schools and lay off about 900 of its employees. While this restructuring initiative should result in a "healthy" 2014 operating profit, Career Education may have to use much of its cash reserves to pay the restructuring costs, the analyst wrote. Urdan believes the stock could remain range bound until the company provides more information about its earnings outlook, and he slashed his valuation range on the shares to $2-$6 from $5-$7. In early trading, Career education fell 6c or 2.13%, to $2.76.
News For CECO From The Last 14 Days
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August 25, 2014
07:23 EDTCECOGovernment not looking to push other colleges out of business, says Wells Fargo
In the wake of Corinthian Colleges' (COCO) dissolution due to actions taken by the Department of Education, Wells Fargo thinks the government did not intend for this scenario to unfold. After speaking with unnamed "knowledgeable sources" about the issue, the firm does not expect the department to take similar actions in the future because doing so would create too much of a workload for the department, Wells believes. Publicly traded companies in the space include American Public Education (APEI), Apollo Education (APOL), Bridgepoint Education (BPI), Career Education (CECO), Corinthian Colleges (COCO), DeVry (DV), Grand Canyon (LOPE), ITT Educational (ESI) and Strayer (STRA).

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