Oppenheimer Lowers PT on New Oriental Education & Technology Group to $39

Oppenheimer is out with its report today on New Oriental Education & Technology EDU, lowering its PT to $39 from $156. In its report, Oppenheimer writes, "We are adjusting our PT & EPS estimates to reflect EDU's 4-for-1 ADS/ordinary share ratio change, effective August 18, 2011. Our new FY2012/2013 non-GAAP EPS estimates for EDU are $0.98 and $1.22, respectively. Our PT changed to $39 from $156 accordingly." Shares of EDU closed Friday at $27.50.