Piper Jaffray Maintains Neutral On Apollo Group (APOL)

Piper Jaffray is maintaining its Neutral rating and $43 price target on Apollo Group, Inc. APOL. In a note sent to clients, Piper Jaffray writes, "In cutting non-faculty staff by about 3%, APOL management is following through on an earlier promise to right-size costs in response to evolving industry conditions. While we think the company is taking appropriate actions, the steps reinforce the uncertainty facing Apollo (and the industry) in the context of slowing near-term enrollment growth and evolving regulatory dynamics. We maintain our Neutral rating." Shares of APOL lost 16 cents yesterday to close at $34.30, a loss of nearly 0.5%.