American Public Education initiated with an Outperform at Northland

Northland initiated coverage of American Public Education (APEI) with an Outperform rating and $36 price target Given that American Public has made “significant progress” turning around its Rasmussen University business, coupled with a “highly profitable” American Public University System business, the firm sees a meaningful runway for multiple expansion for what it views as “a leading provider of post-secondary education.”