UPDATE: Citi Lowers PT on Corinthian Colleges to $2

Citi is out with its report today on Corinthian Colleges COCO, lowering its PT to $2 from $5. In its report, Citi writes, "We rate Corinthian Colleges Hold/Speculative with a $2 PT as we see considerable downside risk due to uncertain impact from structural and regulatory issues." Shares of COCO closed Tuesday at $1.96, down 7.11% from Monday's close.