Bank of America Maintains Buy Rating on DeVry

Bank of America is maintaining its Buy rating on shares of DeVry, Inc. DV. “A change in a CFO adds additional risk, particularly as we await news about Gunst's replacement,” Bank of America writes. “However, DeVry has a strong management team in our view, and we would expect a smooth transition. “We view DeVry as a high-quality, solid operator that should outperform many peers in a period of significant transition for the industry. We believe DeVry's diversified platform will continue to serve it well as the economy improves, mitigating some countercyclical headwinds. Our $68 price objective is based on 15x 2012E EPS of $4.57, well below DeVry's target of 20% earnings growth (which we do not expect in 2012).” DeVry closed Thursday at $58.36.