DeVry: Judge finds class action filed against company as 'strike suit' DeVry Education Group is pleased with the decision issued May 8 by Judge John F. Grady of the U.S. District Court for the Northern District of Illinois. Judge Grady found that a securities fraud class action filed against DeVry Group and certain senior executives four years ago was a “strike suit,” or a suit filed without any legitimate basis for the purpose of obtaining a private settlement. The Court also held that DeVry Group presumptively is entitled to recover its reasonable attorneys’ fees and expenses for the entire action. “We are pleased with the Court’s decision. It confirms what we have known for four years – that this was a frivolous suit,” said Greg Davis, general counsel at DeVry Education Group.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: Allergan (AGN) upgraded to Buy from Hold at Stifel... Angie's List (ANGI) upgraded to Market Perform from Underperform at Northland... DeVry (DV) upgraded to Buy from Hold at Deutsche Bank... Dynegy (DYN) upgraded to Buy from Hold at ISI Group... Exelon (EXC) upgraded to Buy from Hold at ISI Group... Fluor (FLR) upgraded to Buy from Neutral at DA Davidson... Genworth (GNW) upgraded to Outperform from Neutral at Macquarie... Hecla Mining (HL) upgraded to Buy from Hold at BB&T... InvenSense (INVN) upgraded to Strong Buy from Buy at Needham... Janus Capital (JNS) upgraded to Buy from Hold at Jefferies... Masco (MAS) upgraded to Overweight from Neutral at JPMorgan... NRG Energy (NRG) upgraded to Strong Buy from Buy at ISI Group... Orbitz (OWW) upgraded to Outperform from Perform at Oppenheimer... Panera Bread (PNRA) upgraded to Buy from Hold at Wunderlich... Suncor (SU) upgraded to Buy from Neutral at Citigroup... Susquehanna (SUSQ) upgraded to Outperform from Neutral at Boenning & Scattergood... TPG Specialty Lending (TSLX) upgraded to Outperform from Market Perform at Wells Fargo... Tyson Foods (TSN) upgraded to Neutral from Underperform at Credit Suisse.
DeVry upgraded to Buy from Hold at Deutsche Bank Deutsche Bank upgraded DeVry to Buy citing valuation and expectations for multi-year double-digit EBITDA growth. The firm sees more upside than downside to FY15 consensus estimates and raised its price target for shares to $55 from $47.
BMO Capital to hold a conference 14th Annual Back to School Education Conference to be held in New York on September 18 with webcasted company presentations to begin at 8 am; not all company presentations may be webcasted. Webcast Link