Apollo (Nasdaq: APOL) slumps 8% as analysts trim expectations

Tallahassee, Fl 3/27/12 (StreetBeat) -- Apollo Group Inc. (Nasdaq: APOL) shares slumped as much as 8.3% at the open Tuesday after Credit Suisse cut its recommendation on the company to neutral from outperform. The move follows the release late Monday of the for-profit educator's fiscal second-quarter results. Apollo posted a profit of 51 cents a share, reversing a year-ago loss of 45 cents a share.

While earnings topped analysts estimates, Credit Suisse said it was concerned the Apollo would be able to consistently increase enrollment and cut its share price target on the company to $40 from $60. Analysts at Citi warned Apollo's second-half results were likely to come in "materially lower" than Wall Street expects. Apollo shares were last trading 7.7% lower at $39.88, making it the worst performer in the S&P 500.

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