UPDATE: Piper Jaffray Raising Price Target On Apollo Group

Piper Jaffray is out with a research report on Apollo Group, Inc. APOL and is raising its price target to $49 from $42, but is keeping its Neutral rating on shares. In a note to clients, Piper Jaffray writes, "With the completion of the 2nd calendar quarter earnings reporting period, we have revisited our price targets in the Education sector. Our valuation approach is to tier the companies based on growth dynamics, competitive positioning and regulatory risk, among other factors (see below). Our price target for APOL moves to $49 from $42." Shares of APOL lost 21 cents yesterday to close at $46.78.