UPDATE: Piper Jaffray Lowering Price Target On Corinthian Colleges

Piper Jaffray is out with a research report on Corinthian Colleges COCO and is lowering its price target to $3.50 from $3.90, and is keeping its Underweight 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 COCO moves to $3.50 from $3.90." Shares of COCO lost 14 cents yesterday to close at $2.83.