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Lehman Brothers Upgrades Devry


From Standard & Poor's Equity Research

Lehman Brothers upgraded Devry (DV) to equal-weight from underweight.

Analyst Gary Bisbee says Devry has expanded and overhauled its management team in the last few years, and believes the new management team will be more aggressive on executing its turnaround plan. He thinks Devry is in the early stages of an enrollment turn that should drive accelerating total enrollment growth after several years of declines. He notes enrollment and revenue growth should allow Devry to generate operating margin expansion as it leverages fixed costs.

Bisbee says real estate sales or consolidation could provide a positive catalyst for the shares in fiscal year 2007 (June). He sees 84 cents in fiscal year 2007.


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