Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Markets & Finance

Banc of America Lowers Career Education to Neutral

Banc of America downgraded Career Education (CECO) to neutral from buy and cut its $44 price target to $33.

Analyst Howard Block says he downgraded the stock because the recent Dept. of Education graduation data showed material deterioration at Career Education schools. He thinks value proposition for the company's customers has eroded, and will continue to erode, underscoring the dangers of aggressive growth. He says shareholder value can't be enhanced if customer's value proposition is deteriorating.

Block thinks lower enrollment momentum may cascade through the Street's 2005 estimates, and that investor expectations are too high on positive implications of recent announcements and more internal scrutiny. He sees earnings per share of $1.77 for 2004 and $2.30 for 2005.

blog comments powered by Disqus