DeVry Announces Fall Enrollment Trends

Deutsche Bank published its report on DeVry DV after fall enrollment results were released yesterday. In a note to clients, Deutsche Bank writes, "DeVry University new undergrad enrollment declined 4.7% to 18K vs our 17.9K estimate and consensus of 18.4K. Declines in Fall starts were expected due to difficult YoY compares, fewer high quality student inquiries and advisor understaffing. New enrollment grew 10% in Summer 2010, 24% in Spring 2010 and just over 19% in Fall 2009." Deutsche Bank maintains its Hold rating and $50 price target on DV. DV closed yesterday at $43.98.