Citi Reiterates DeVry Buy (DV)

Citi reiterated its DeVry DV Buy rating and maintained its DeVry price target of $57 in a research report published today. In the report, Citi states, "The key question heading into the quarter was whether the company would maintain its previous guidance for >20% profit growth for FY2011? Bears will be disappointed with the "Yes" answer, but will almost certainly point to the 2H11 deceleration as a negative (1H11 profit growth of 37% Y/Y vs. 12% Y/Y in 2H11E), and uncertainty surrounding Gainful Employment impact on 2012/2013 remains an overhang. Our Take: "DeVrysification" continues to provide DV with more stable fundamentals relative to its peers, and is a key reason for our positive view on the shares." Shares of DeVry were up 7.41% in pre-market trading at time of posting, at $50.88 from Tuesday's market close of $47.38.