UPDATE: Bank of America Merrill Lynch Maintains Buy Rating, Lowers PT for K12

In a report issued earlier today, Bank of America Merrill Lynch maintained its Buy rating for K12 Inc. LRN but lowered its price target from $30.00 to $27.00. BofA Merrill Lynch went on to say “K12 has shown impressive growth to date as a leader in the emerging online public K-12 market. The company has significant top line growth potential without taking into account expansion into new states, and we expect margin expansion as K12 leverages its operations across a larger base of students. K12 has also demonstrated that it can operate and gain market share in a political and regulated market.” K12 Inc. closed yesterday at $19.97.