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Bear Stearns Keeps 'Peer Perform' on DeVry

Bear Stearns keeps peer perform on DeVry (DV).

Analyst Jennifer Childe says the 6.2% rise is in line with her estimate, and reflects the second straight rise; but the 4.9% drop in overall enrollment was 260 basis points worse than she expected. Since fall enrollment numbers were released without associated income figures, she says it's difficult to draw definitive conclusions, as rising marketing and administrative costs to attract new students must be incorporated into the income results.

Childe notes enrollment at the Keller unit is up a disappointing 4.8%, perhaps due to a change in the calendar. Also, she says a 17% rise in enrollment at the Ross unit is the highlight of DeVry's report. While she's encouraged by this positive trend, she thinks the improvement is already priced iinto the stock.

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