Piper Jaffray analyst Peter Appert lowered his price target for Grand Canyon Education to $135 from $140 while keeping an Overweight rating on the name. While the company's transition to an online program management business model creates near-term "noise" in earnings, the "New" Grand Canyon is well positioned to sustain long-term low-to-mid teens earnings growth, Appert tells investors in a research note. The analyst says that although slower near-term growth may keep the stock in the trading range over the next 6-12 months, he still views Grand Canyon as one of the most interesting long-term growth stories in the education sector.