Oppenheimer Maintains Perform on Apollo Group

Oppenheimer is out with its report on Apollo Group APOL, maintaining Perform. In a note to clients, Oppenheimer writes, "At 13.5x our FY12E EPS of $3.25, APOL's at a slight premium to the market multiple. With FY12 likely trough, the level is intriguing. However, we expect multiple expansion will be gradual near term given APOL's multi-quarter declining enrollment/revenue/earnings position. Maintaining our Perform, we laud APOL's strategy and would be constructive on further stabilization." At the time of posting, shares of APOL were trading pre-market at $44.15, up 1.08% from Thursday's close.