BMO Capital analyst Jeffrey Silber raised his price target on American Public Education to $33 after its Q4 earnings beat, better than expected margins, and lower than anticipated declines in American Public University System net course registration. The analyst is keeping his Market Perform rating however given the company's below-consensus Q1 outlook for revenue and earnings driven by "declines in Hondros due to admissions changes to improve the National Council Licensure Examination scores". Silber also warns that American Public Education end markets will remain weak due to "reduced and volatile military tuition funding levels".