UPDATE: Piper Jaffray Lowers PT on Corinthian Colleges from $3.50 to $3 and Maintains Underweight Rating

Piper Jaffray has published a research report on Corinthian Colleges COCO. In the report, Piper Jaffray wrote, "We are trimming our EPS estimates for CY2011 and FY2013; but due to the timing of expenses, are maintaining FY2012 EPS estimates and raising CY2012 estimates. Our F1Q 2012 earnings estimate is being revised down to ($0.02), consistent with guidance of ($0.02)-($0.04), from $0.12 due to the timing of marketing expenses, which are now expected to be $10M higher than the prior quarter." Piper Jaffray rated Corinthian Colleges an Underweight with a price target lowered from $3.50 to $3.00. Corinthian Colleges closed Tuesday at $1.96.