UPDATE: Wunderlich Initiates ITT Educational Services at Hold

Wunderlich is out with its report today on ITT Educational Services ESI, initiating ESI at Hold. In its report, Wunderlich writes, "We are initiating coverage of ITT Educational Services, Inc. with a Hold rating and a target of $82. Though we see the turnaround precipitated by new regulation going well, with economic risk largely reflected in consensus estimates, we believe there is material near-term risk associated with student lending that we would like to see behind the company before encouraging new positions." Shares of ESI closed Thursday at $76.03.