Citi Lowers APOL PT To $41

Citi has lowered the Price Target on Apollo Group Inc. APOL from $45 to $41. According to Citi, "While growth challenges may well be temporary in the medium term, we have little conviction that the company can return to double digit earnings growth for some time. Our PT drops to $41 from $45 based on 5x EV/EBITDA target multiple, a discount to APOL's recent historical average of 6x, and in-line with current Ed sector average FY11 multiple of 5x." APOL has a Hold Rating and closed at $40.55 a share yesterday.