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Bear Stearns Cuts DeVry to Peer Perform from Outperform

Bear Stearns downgraded DeVry (DV) to peer perform from outperform, explaining that the undergraduate program provider's shares are overvalued after having risen nearly 40% since August.

Analyst Jennifer Childe says the company's shares have come within 2% of her former $25 target. She notes that DeVry had a 6.4% rise in new undergrad enrollment and slight deceleration from the summer's 7% growth, short of her 9% growth estimate. She says that the DeVry's graduate enrollment was weaker than expected, while technology enrollment was up 4.4% and online course takers were up 50%. She expects shares to be somewhat range-bound until evidence surfaces that the company's enrollment momentum is sustainable.

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