Piper Jaffray Slashes Corinthian Colleges Price Target (COCO)

Piper Jaffray slashed its Price Target on Corinthian Colleges COCO to $3.50 from $14 today. Piper Jaffray maintains an Underweight rating on Corinthian Colleges. Corinthian Colleges, Inc. is a post-secondary education company in the United States and Canada. Piper Jaffray analysts notes that "While Corinthian's aggressive default mitigation practices are necessary to conform with proposed new regulations and importantly, re establish a stable long-term business model, the shares will continue to be challenged, in our view, in the midst of uncertain business model shifts and earnings volatility." Piper Jaffray also reduced 2011 earnings estimates for the company. Shares of Corinthian Colleges are down 1.9% today, to $4.36.