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Fly News Breaks for October 30, 2019
Oct 30, 2019 | 12:42 EDT
Barrington analyst Alexander Paris Jr. noted that Adtalem Global Education reported Q1 results that were below expectations and gave FY20 revenue and EPS guidance below consensus, which he attributes primarily to the recently announced sale of Adtalem's Brazil assets. While the stock is down following the report, the analyst views the divestiture of Brazilian assets favorably and believes it will be beneficial, creating a buying opportunity. The analyst keeps an Outperform rating on Adtalem shares, though he cut his price target on the stock to $38 from $58 to reflect his revised earnings expectations and lower overall industry multiples.
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