Baird analyst Jeffrey Meuler maintained an Outperform rating and $145 price target on Grand Canyon Education following recently issued guidance from the U.S. Department of Education that makes California-based students ineligible for Title IV funds at out-of-state public and not-for-profit private universities. In a research note to investors, Meuler says that while the guidance could materially negatively impact Grand Canyon's revenue guidance for the third quarter, he expects the disruption is likely to be short-lived. Meuler is cautious on the stock in the short-term, but his immediate-term view remains positive.