BMO Capital lowered the firm’s price target on Phoenix Education (PXED) to $39 from $43 but keeps an Outperform rating on the shares. The company delivered a solid beat driven by margin upside, and while revenue/enrollment growth slowed as expected, both were above the firm’s forecast given B2B strength and continued retention benefits, the analyst tells investors in a research note. The solid results could bode well for beaten-up for-profit education stocks, BMO added.
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