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Fly News Breaks for May 20, 2015
DL
May 20, 2015 | 12:55 EDT
Piper Jaffray thinks China Distance Education can continue to grow in the 20% range both this year and next despite the weaker than expected FY15 outlook. Piper attributes a "meaningful portion" of the guidance miss to exam timing that will push revenue into Q1 from Q4. It believes the guidance reset will allow China Distance to get back to exceeding expectations. Piper lowered its price target for shares to $22 from $28 and maintains an Overweight rating on the name.
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