Citi analyst James Samford backed his "Neutral" rating for the stock, noting that enrollment trends were worse than expected, with total enrollment down 16 percent and new starts down 20 percent from last year.
Citi Investment Research analyst James Samford said in a note that the results were less negative than the second quarter. The forecast for a 10 percent drop in enrollment is better than his expectations for a 20 percent decline, he said.