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USB Piper upgraded Career Education (CECO
) to strong buy from outperform.
Analyst Mark Marostica says a very strong fourth quarter, a strong start for January 2003 new student growth, and a bullish 2003 outlook will remove the negative overhang on the stock. He notes the company, a provider of speciality education services, indicated it will double its new campus start-ups to four in 2003. He says the same-school population is expected to grow by a healthy 19% year over year.
Marostica notes the fourth quarter bad debt expense improved over the third quarter, and remains in the company's target range. He feels Career Education has a handle on its bad debt procedures. He raised the $1.71 2003 earnings per share estimate to $1.81, and set a $2.22 2004 estimate.
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