Apollo Group to be a "Great Story" in Late 2012/Early 2013, Piper Jaffray Reports

“In dialing back enrollments, screening students more aggressively and trimming costs we believe Apollo APOL has taken the right steps to improve student outcomes and ultimately drive a reacceleration in revenue and earnings growth,” Piper Jaffray wrote in a report. “Largely in-line F3Q results suggest that the worst of the earnings reset process may be behind us. That said, with another 6-8 quarters of negative earnings comps anticipated, we think it's too early to be involved in the stock. We think APOL will likely be a great story in late 2012/early 2013 as we get closer to positive earnings comparisons. For now, we'd stay on the sidelines.” Apollo closed Thursday at $43.68.