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Apollo Education upgraded, but reports disappointing 2Q earnings

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Apollo Education Group Inc (NASDAQ:APOL) shares were upgraded to outperform from market perform by Wells Fargo. According to Wells Fargo, the for-profit education company is doing a good job managing cost and better new student enrollment numbers. As a result, the valuation range was raised from $36-39 to $42-46 per share. However, Apollo Education shares are down this morning after the company reported 2Q earnings that showed declines in revenue and net income compared to the second quarter of 2013. In addition, the report revealed declines in new student enrollment numbers.