zacks devry dv 09 05

7/28/2019 Zacks Devry Dv 09 05

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Devry, Inc. (DV-NYSE)

Current Recommendation Buy

Prior Recommendation HoldDate of Last Change 07/16/2008

Current Price (05/26/09) $45.16

Six- Month Target Price $66.00

OUTLOOK

SUMMARY DATA

Risk Level Averag

Type of Stock Large-GrowtIndustry SchoolZacks Rank in Industry 3 of 1

Management continues to execute well with thecompany reporting positive enrollment trends sinceits turnaround in fiscal 2006. In addition,management is executing a five year strategic planthat focuses on four growth priorities in order to drivegrowth while maintaining the company s financialstrength. Finally, the ongoing real estate optimizationstrategy and incremental acquisitions are adding tothe company s earnings potential. Therefore, the Buyrating is maintained.

52-Week High $62.6352-Week Low $39.03One-Year Return (%) -19.25Beta 0.22Average Daily Volume (sh) 1,329,277

Shares Outstanding (mil) 72Market Capitalization ($mil) $3,234Short Interest Ratio (days) 1.42Institutional Ownership (%) 79Insider Ownership (%) 14

Annual Cash Dividend $0.16Dividend Yield (%) 0.35

5-Yr. Historical Growth RatesSales (%) 11.3Earnings Per Share (%) 37.1Dividend (%) 24.3

P/E using TTM EPS 21.2

P/E using 2009 Estimate 19.6

P/E using 2010 Estimate 15.1

Zacks Rank 1

ZACKS ESTIMATES

Revenue(in millions of $)

Q1 Q2 Q3 Q4 Year

(Sep) (Dec) (Mar) (Jun) (Jun)2007 219 A 236 A 246 A 233 A 933 A2008 250 A 274 A 291 A 277 A 1,092 A2009 304 A 370 A 392 A 379 E 1,445 E2010 405 E 441 E 460 E 437 E 1,743 E

Earnings per Share(EPS is operating earnings before non recurring items)

Q1 Q2 Q3 Q4 Year

(Sep) (Dec) (Mar) (Jun) (Jun)2007 $0.13 A $0.23 A $0.32 A $0.26 A $0.94 A2008 $0.40 A $0.49 A $0.53 A $0.36 A $1.78 A2009 $0.48 A $0.59 A $0.70 A $0.53 E $2.30 E2010 $0.67 E $0.80 E $0.89 E $0.63 E $2.99 E2007 quarterly revenues do not add up to the annual figure due to rounding.Zacks Projected EPS Growth Rate - Next 5 Years % 21

Consensus Projected EPS Growth - Next 5 Years % 20

Equity Research Steven Ralston, CFA

www.zacks.com 111 North CanalStreet, Chicago, IL 60606

May 27, 2009

DV: Zacks Company Report - BUY
http://www.zacks.com/


2/9Zacks Investment Research Page 2 www.zacks.com

KEY POINTS

DeVry University is benefiting from strong enrollment growth and increased enrollments of onlinestudents. Total undergraduate enrollment at DeVry University increased 19.7% to 52,146 students in thefall 2008 term and graduate enrollment increased 13.7% to 17,803.Management is executing a five year strategic plan that focuses on four growth priorities in order to drivegrowth while maintaining the company s financial strength.To improve capacity utilization, manage costs, facilities, and locations, the company is executing anongoing real estate optimization strategy. Management constantly evaluates the optimal mix of largecampuses, small campuses, and DeVry University centers in each market.The company generates strong cash flow and enhances shareholder returns through share repurchasesand dividends increases. In November 2008, the Board approved a 33% increase in the annual dividendto $0.16 per share annually.

OVERVIEW

Headquartered in Oakbrook Terrace, IL, DeVry, Inc. (DV) is a provider of post-secondary education in

North America. The company is the holding company for DeVry University (including the Keller GraduateSchool of Management), Ross University,Chamberlain College of Nursing, Becker Professional Reviewand Advanced Academics. DeVry University offers associate s, bachelor's and master's degree programin technology, healthcare technology, business, and management. Ross University offers doctoral degreprograms through its schools of Medicine and Veterinary Medicine while Chamberlain College of Nursingoffers associate and bachelor's degree programs in nursing. Becker Professional Review, which includesBecker CPA Review and Stalla Review for the CFA Exams, provides professional education and testpreparation services to candidates of the Certified Public Accountant (CPA) and Chartered FinancialAnalyst (CFA) professional certification examinations. Advanced Academics provides online secondaryeducation to school districts throughout the U.S. During the first quarter of 2009, DeVry Universityunveiled a new academic structure to more clearly define the distinct academic disciplines availableacross the university. The new structure includes: The College of Business and Management (Keller

Graduate School of Management), The College of Engineering and Information Sciences, The College oLiberal Arts and Sciences, The College of Media Arts and Technology, and The College of HealthSciences.

In August 2002, DeVry University was re-accredited by the North Central Association of Colleges andSchools (NCA) for 10 years. Accreditation is necessary for students to qualify for federal financialassistance and 70% of DeVry s undergraduate revenue is derived from federal financial assistance.Approximately 92% of DeVry University s students are employed.

DeVry University provides academic preparation for careers in technology, business, and management.The University was founded by Dr. Herman DeVry in 1931 and offers undergraduate and graduatedegree programs in technology; undergraduate and graduate degree programs in business and

healthcare technology; and graduate degree programs in management through the Keller GraduateSchool of Management. DeVry University is a private, degree-granting, regionally accredited, highereducational institution offering courses during three academic periods (Fall, Spring, and Summer) of 16weeks each. Programs are offered at 86 locations in the United States, Canada, and online. DeVry s 23large campuses are located in Phoenix, Denver, Pomona, Long Beach, Sherman Oaks (CA), SanFrancisco, Orlando, Miramar (FL), Alpharetta (GA), Decatur, Chicago, Addison (IL), Tinley Park (IL),Kansas City, North Brunswick (NJ), Long Island City, Columbus, Philadelphia, Dallas, Houston, Arlington(VA), Seattle, and Calgary (Canada). DeVry University s undergraduate programs accounted for 63% oftotal company revenues in fiscal 20071.

1 2008 data was not available in the fiscal 2008 10-K.



Management s five year strategic plan focuses on long term value creation. The plan encompasses fourgrowth priorities: (1) Achieve full potential market share across all markets by increased investments inmarketing and recruiting to build the DeVry University brand. (2) Growth in adjacent vertical curriculummarkets. DeVry s curriculum has been diversified not only through expanding into technology, health, anmedical programs of study but also through strategic acquisitions. Management now plans to expand intapplied arts and teaching degrees. (3) Expansion into adjacent levels of education. Management intendsto penetrate the pre-baccalaureate educational field through a strategic acquisition of a career college.(4) Finally, management plans to maintain a strong balance sheet while funding organic growth andacquisitions. Also, management plans to enhance shareholder returns through share repurchases anddividends increases.

DeVry University continues to benefit from strong enrollment growth and increased enrollment of onlinestudents. According to the U.S. Census Bureau, the average income of U.S. employees with a bachelordegree was $51,5502, an 80% increase over employees with only a high school education. Totalundergraduate enrollment at DeVry University increased 19.7% to 52,146 students for the fall term andgraduate enrollment increased 13.7% to 17,803.According to the Census Bureau, the wage gap is evenlarger for those with graduate degrees. In addition, management has been successful in increasingrevenues by implementing annual tuition increases.

Acquisitions have played a major role in the company s top-line growth. Management has embarked on

an acquisition strategy that is diversifying the company s educational program offerings. In 1996 thecompanyacquired Becker CPA Reviewin order to diversify into professional education and training foraccounting and finance professions. Founded in 1957, Becker CPA Review prepared candidates for theCPA professional certification examinations. In 1999, DeVry acquired the Conviser Duffy CPA Review, anational program which serves approximately 12,000 students annually at more than 200 locations. Withthe Conviser Duffy acquisition, Becker gained teaching sites at numerous college campuses throughoutthe U.S. The CFA3 program was added with the acquisition of Stalla Seminars in 2001. Now called StallaReview for the CFA Exams, Stalla is a leading provider of CFA review courses and study materials.Stalla offers live, online, and self-study CFA review programs in nearly 300 locations at DeVry Universityteaching sites and in 27 foreign countries. Expanding into the CPE4 marketplace and complementingBecker s existing exam review business, DeVry acquired Gearty CPE in 2005. Gearty providescontinuing CPA education programs in the NY/NJ metropolitan area. DeVry s CPA, CFA, and CPEofferings comprise Becker Professional Review, DeVry s Professional and Training segment.

To further diversify its program offerings into the health sciences area, DeVry initially acquired RossUniversity in May 2003. The acquisition of Ross provided DeVry with another platform for growth anddiversification. Founded in 1978, Ross University provides educational programs that prepare studentsfor general medical and veterinary practice and serve as a foundation for postgraduate specialty trainingin the U.S. Ross University is comprised of Ross University School of Medicine, located in the Caribbeancountry of Dominica, and Ross University School of Veterinary Medicine, located in St. Kitts/Nevis. RossUniversity benefits largely from strong demand trends and insufficient space within U.S. medical andveterinarian schools to supply the fast-growing U.S. healthcare market.

In March 2005, DeVry acquired the Deaconess College of Nursing, now Chamberlain College of Nursing

With campuses in St. Louis, Columbus, and online, Chamberlain College offers the degrees of Associateof Science in Nursing (ASN) and Bachelor of Science in Nursing (BSN). Chamberlain had approximately1,089 students enrolled in the July 2007 semester. Chamberlain College received approval to establishcampuses in Phoenix, Arizona and Addison, Illinois where classes commenced in March 2008. The Ros

2 U.S. Census Bureau statistics for 2004, the most recent year for which the information is available

3Chartered Financial Analyst designation is awarded by the CFA Institute

4 Continuing Professional Education (CPE) is required for CPAs.



University and Chamberlain College acquisitions are part of management s strategy to expand theprogram offerings in health care-related fields of study. The Chamberlain College plans to introduce aMasters of Science Nursing program in the summer of 2009.

Management further diversified into the online education arena by acquiring Advanced Academics (AAI)in November 2007for $27.5 million in cash. AAI provides online secondary education by partnering withschool districts and supplementing traditional high school classroom programs with online courseinstruction. AAI also operates virtual high schools in partnership with school districts and charter schoolsin six states. Since its founding in 2000, AAI has delivered online learning programs to more than 20,000students in more than 200 school districts.

In order to increase the company s presence in healthcare and expand its offerings at the pre-baccalaureate level, management acquired the U.S. Education Corporation (Apollo College and WesternCareer College) in September 2008. The acquisition extended the company s offerings to a broader basof students seeking healthcare careers. Apollo College and Western Career College prepare students focareers in healthcare through certificate and associate degree programs in nursing5, ultrasound andradiography technology, surgical technology, veterinary technology, pharmacy technology, dentalhygiene, and medical and dental assisting. Beginning July 2009, Apollo College plans to offer two newbachelor s degree programs, primarily in the areas of radiography and respiratory care. The two collegesoperate 17 campus locations in the western United States and serve more than 8,700 students.Management expects the acquisition to be marginally dilutive to earnings by about $0.01 per share in

fiscal 2009 and accretive to earnings in fiscal 2010.

In April 2009, the company completed the acquisition of a majority 82.3% stake in Fanor, a leadingprovider of private post secondary education in north eastern Brazil. Fanor was founded in 2001 and isbased in Fortaleza, Cear, Brazil. Fanor is the parent organization of Faculdades Nordeste, FaculdadeRuy Barbosa, and Faculdade FTE REA1, which together operate five campus locations in the cities ofSalvador and Fortaleza, and serve more than 10,000 students in undergraduate and graduate programsin business management, law, and engineering.

Management is executing an ongoing real estate optimization strategy. In order to improve capacityutilization and manage costs effectively, facilities and locations have been and are being evaluated tooptimize the mix of large campuses, small campuses, and DeVry University centers for each market.

Real estate actions have resulted and will result in accounting gains and/or losses in quarterly reports.Actions include reconfiguring campuses, renegotiating leases, sub-leasing excess space, co-locating witother educational offerings at campuses, and relocating to smaller locations. Several examples includethe sale of the facility located in West Hills, CA for $36.0 million and relocating to a leased facility innearby Sherman Oaks; the co-location of the Academics Department from corporate headquarters to thecampus in nearby Addison, resulting in annual savings of $360,000; the co-location of ChamberlainCollege of Nursing to DeVry University s existing campus in Columbus resulting in annual savings of$250,000; the sale/leaseback of the Alpharetta campus resulting in annual savings of $200,000; and thesale/leaseback of 60% of the Seattle and Phoenix facilities resulting in proceeds of $28.4 million andannual savings of $1.0 million. During the second quarter of fiscal 2009, the company signed a lease fora new 47,000 square feet campus in Long Beach, California and bought out a portion of the lease at theLong Island City campus in New York.

In November 2004, the Board of Directors adopted a shareholder rights plan, presumably to protect thecompany s shareholders from a hostile takeover. Under the shareholder rights plan, aka poison pill, eachoutstanding share of common stock received a dividend of one common stock purchase right. The rightsare exercisable if a group acquires 15% or more of the company s common stock and entitle existingshareholders to purchase additional shares of common stock at half-price. The adoption of theshareholder rights plan allowed management more time to produce a turnaround from the company snegative enrollment trends that persisted until the Spring 2006 term.

5 At present there is a shortage of approximately 200,000 nurses in the U.S. and the shortage is expected to grow in future to over 1.1 million nurses.



In order to demonstrate the company s turnaround, long-term growth prospects, and expectations forstrong cash flow generation, on November 15, 2006, the Board of Directors adopted a dividend policy,declared the company s first dividend, and approved a stock repurchase program. The Board declaresdividends on a semi-annual basis and the initial annual dividend rate was $0.10 per share. In November2007, the Board approved a 20% dividend increase, which raised the annual dividend rate to $0.12 pershare. In November 2008, the Board raised the annual dividend 33% to $0.16. In November 2006, theBoard announced a $35 million stock repurchase plan to be executed over the next two years. In April2008, the company completed the 2006 share repurchase program. In May 2008, the Board authorized anew share repurchase program to buy back shares worth $50 million through December 31, 2010. Durinthe first nine months of fiscal 2009, the Board repurchased 304,783 shares for $15.7 million under theMay 2008 authorization.

INDUSTRY OUTLOOK - POSITIVE

The outlook for the post-secondary education industry, especially the online segment, is positive. Thisindustry is comprised of traditional public and private traditional colleges and universities, as well as a

number of for-profit institutions offering online programs, such as Strayer Education, Walden University,and the University of Phoenix. Some of these colleges and universities target working adults in additionto traditional 18 to 24 year-old students.

The U.S. market for post-secondary education is large, growing, and highly fragmented. The U.S. Bureaof Labor Statistics reported that approximately 61million working adults in the United States do not havemore than high school education and approximately 32million adults have some college experience butno degree. Revenue for post-secondary degree-granting educational institutions exceeded $305 billion inthe 2004 academic year6. The number of post-secondary students is expected to grow at a 1.4%annualized rate over the next five years due to the expected increase in annual high school graduatesand the significant personal income premium that is attributable to post-secondary education.Approximately 64% of adults (persons 25 years of age or older) do not possess a post -secondary

degree

7

. In addition, adults represent 39% of total post-secondary education enrollment8

. Adults shouldcontinue to represent a large and growing segment of the post-secondary education market as they seekadditional education to secure better jobs or to remain competitive in their current careers.

The revenue growth rate in fully-online education has exceeded the revenue growth rate in the for-profitsegment of the post-secondary market9. The higher growth rate for fully-online education is largelyattributable to the flexibility and convenience of its format. Additionally, the number of students enrolled ifully-online programs at Title IV-eligible, degree-granting institutions should grow by approximately 18%over the next two years10.

6 2005 Integrated Post-Secondary Education Data System data from the U.S. Department of Education, National Center for Education Statistics (NCES)7

U.S. Census Bureau s October 2006 report8 NCES estimate9 Eduventures, LLC, an education consulting and research firm10Eduventures projection



INDUSTRY POSITION

DeVry University provides career-oriented, business and technology-based education to high schoolstudents and graduates in the U.S. and Canada, both in traditional classrooms and online. The companyis the holding company for DeVry University (including the Keller Graduate School of Management),Ross University, Chamberlain College of Nursing, Becker Professional Review, and AdvancedAcademics. Ross University is an offshore medical and veterinarian school based in the Caribbean. RosUniversity benefits largely from strong demand trends and insufficient space within U.S. medical andveterinarian schools to supply the fast-growing U.S. healthcare market. The company also operatesBecker Professional Review, which offers test preparation services to candidates of the CPA, CMA, andCFA professional certification examinations. The company s undergraduate programs accounted for 63%of total revenues in fiscal year 200711. The company invests in resources for libraries and academicsupport services to assist students. It offers undergraduate students an array of social and professionalactivities including student organizations closely linked to students professional aspirations.

Wherever DeVry University operates, there are numerous state institutions, community colleges, andprivately-funded universities. In particular, there is growing competitive pressure from educationalinstitutions that offer industry-specific certification programs, particularly in information technology. Inaddition, there is growing competition from online programs (both by market-funded and other traditionalinstitutions) and site-based market-funded school programs. The company s primary competitors are ITTEducational Services, University of Phoenix, and Corinthian College.

RECENT NEWS

On April 30, 2009, DeVry reported results for the third quarter of fiscal 2009 ending March 31, 2009.Quarterly earnings were $0.70 per diluted share, up 32.1% versus $0.53 reported in the prior -year

quarter. Earnings were $0.03 above earnings, and the stock gained $2.96 or 7.2% on the news.Revenues increased 34.7% year-over-year to $391.8 million driven by double-digit revenue across allthree operating segments. For the January 2009 session, the total number of students at DeVryUniversity s Keller Graduate School of Management (KGSM) increased 12.1%. The number of newstudents at DeVry s Ross University increased 10.9%, while the total number of students increased 7.8%Capital expenditures for the first nine months of fiscal 2009 were $50.7 million. During the quarter, thecompany repurchased 206,683 shares for a total cost of approximately 10.3 million (average price $50.0per share).

11 2008 data was not available in the fiscal 2008 10-K.

Top 5 Public Companies in the Post-secondary Educationindustry

Ticker Company Market Share Zacks

Rec

APOL Apollo Group 28% HoldCECO Career Educ. Corp. 15% Hold

DV Devry Inc. 9% Buy

COCO Corinthian College 9% BuyESI ITT Educational 9% Hold



On April 2, 2009, DeVry completed the acquisition of a majority 82.3% stake in Fanor, a leading providerof private post secondary education in northeastern Brazil, for $40.4 million. The acquisition reflectsmanagement s strategic plan for international expansion.

On December 4, 2008, Devry announced fall 2088 enrollments. Total undergraduate enrollment at DeVryUniversity increased 19.7% to 52,146 students for the fall term and graduate enrollment increased 13.7%in November 2008 to 17,803.On November 13, 2008, the Board of Directors approved a 33% dividend increase to $0.16 per shareannually. The dividend is payable on a semi-annual basis. The dividend payment of $0.08 wasmade onJanuary 9, 2009 to common stockholders of record on December 12, 2009.

On September 18, 2008, DeVry acquired U.S. Education, the parent organization of Apollo College andWestern Career College, for $290 million in cash. Apollo College and Western Career College preparestudents for careers in healthcare through certificate and associate degree programs in nursing,ultrasound and radiography technology, surgical technology, veterinary technology, pharmacytechnology, dental hygiene, and medical and dental assisting. The two colleges operate 17 campuslocations in the western United States and serve more than 8,700 students.

VALUATION

DeVry is currently tradingat 21.2 times trailing 12 month EPS, reflecting the company s revenue andpotential earnings growth profile since the turnaround. Over the last five years, the stock has traded in awide P/E range of 13 to 60. However, excluding the low P/E s from the time of negative enrollmentcomparisons and excluding the high P/E on depressed earnings when the stock initially rallied on theannouncement of the first positive enrollment comparison, the stock has traded in theP/E range of 25 to52. The target price is $66.00, which is a 31 P/E multiple on 12 month trailing earnings.

Industry Comparables

Pr ChgYTD

P/ECurr

FYEPS Gr5Yr Est

Price/Book

Price/Sales

Price/CF

DEVRY INC. -21.3 16.7 21.3 3.6 2.4 19.1

Industry Mean 13.5 25.8 23.4 4.4 2.3 17.3Industry Median 0.2 22.1 20.0 2.7 1.5 14.5

S&P 500 0.8 15.5 5.0 4.0 1.8 9.0

CAREER EDU. CORP. 16.3 20.5 12.8 2.0 1.1 10.8APOLLO GROUP -20.2 15.4 15.1 7.7 2.8 17.6CORINTHIAN COLLEGE 3.2 22.1 20.0 3.0 1.2 17.6ITT EDUCATIONAL 6.1 14.1 15.6 19.4 3.6 17.3



RISKS

Approximately 63% of the company s undergraduate students receive some form of federal financialaid. Any changes to the company s federal tuition reimbursement status under Title IV of the HigherEducation Act would be detrimental to financial results.Student enrollment trends largely depend upon demand for employment among graduating studentsEmployer demand can be influenced by the perceived value of the company s education programs,

while prospective student demand can be influenced by the placement rates of graduating students.The company participates in a highly regulated industry, and allegations of fraud at certain for-profitproviders of educational services have increased scrutiny of the entire industry.Although regional accreditation is voluntary in the U.S., lack of accreditation would negatively impactenrollment and the perceived value of the educational services provided by the company.

INSIDER TRADING AND OWNERSHIP

Insiders own 14.3% of the outstanding common stock and have not engaged in any major open markettransactions except for Ronald Taylor (Director) who sold 20,000 in February 2009 and 15,500 shares in

December 2008.Institutional investors own 79.4% of the shares outstanding of the company as of the end of the latestreporting period (March 31, 2009). Bamco was the largest holder with 9.5% of the shares outstanding,followed by Fidelity Management & Research (8.8%), Barclays Global Investors (3.5%), Vanguard Group(3.2%), and Westport Asset Management (3.1%). All of the major holders increased their holdings excepBarclays Global Investors and Westport Asset Management, which reduced their holdings during thelatest reporting period.

PROJECTED INCOME STATEMENT & BALANCE SHEET

Devry, Inc.Income Statement and Balance Sheet(Dollars in millions, except EPS data)

06/04 06/05 06/06 06/07 06/08 06/09ESales 785 781 843 933 1,092 1,445

Cost of Goods Sold 420 437 453 487 503 666SG&A 276 300 323 359 423 559Other operatingexpenses

0 0 0 0 0 0

Interest and other 31 17 25 12 41 54Zacks Adjusted Income

before NRI 58 30 43 67 129 164Net Income 58 29 43 76 126 164Diluted EPS before NRI 0.82 0.42 0.61 0.94 1.78 2.30Reported EPS 0.82 0.40 0.61 1.07 1.73 2.30

Cash & MarketableSecurities

160 176 151 144 224 305

Current Assets 209 242 228 219 326 589Current Liabilities 157 187 211 166 211 600Long Term Debt 215 175 65 0 0 0Shareholder's Equity 478 508 565 642 756 920



HISTORICAL ZACKS RECOMMENDATIONS

DISCLOSURES

The analysts contributing to this report do not hold any shares of DV. Zacks EPS and revenue forecasts are not consensus forecastsAdditionally, the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts personal views as tothe subject securities and issuers. Zacks certifies that no part of the analysts compensation was, is, or will be, directly or indirectly, related to thspecific recommendation or views expressed by the analyst in the report. Additional information on the securities mentioned in this report isavailable upon request. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy anddoes not purport to be complete. Because of individual objectives, the report should not be construed as advice designed to meet the particularinvestment needs of any investor. Any opinions expressed herein are subject to change. This report is not to be construed as an offer or thesolicitation of an offer to buy or sell the securities herein mentioned. Zacks or its officers, employees or customers may have a position long orshort in the securities mentioned and buy or sell the securities from time to time. Zacks uses the following rating system for the securities itcovers. Buy- Zacks expects that the subject company will outperform the broader U.S. equity market over the next one to two quarters. Hold-Zacks expects that the company will perform in line with the broader U.S. equity market over the next one to two quarters. Sell- Zacks expectsthe company will under perform the broader U.S. Equity market over the next one to two quarters. The current distribution of Zacks Ratings is a

follows on the 1045 companies covered: Buy- 23.1%, Hold- 67.0%, Sell 9.6%. Data is as of midnight on the business day immediately prior tothis publication.

The analyst authoring this report serves as a part-time consultant to a subsidiary of DeVry Inc., namely the Stalla Review for the CFA Exams. Inhis role as a consultant, the analyst is not aware of any material, non-public information about DeVry, Inc. and his compensation in no wayinfluences the research report or the stock s rating.

zacks devry dv 09 05

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