NEW YORK (TheStreet) -- DeVry Education (DV) shares are plunging 14.31% to $15.60 on Thursday after the company announced that CFO Timothy Wiggins was leaving, following CEO Daniel Hamburger's departure a week ago.
Wiggins, in the position for five years, will be succeeded by Patrick Unzicker effective May 31, the company said.
"I have worked closely with Patrick in my previous role as the DeVry Group audit and finance committee chair and I am thrilled to work with him in his new role as CFO," current CEO Lisa Wardell stated.
Earlier this morning, Credit Suisse slashed its rating on the education services provider to "neutral" from "outperform" and lowered its price target to $17 from $25.
"While we continue to see value in the sum of the parts of the company, that someone as capable and insightful as Wiggins could walk away from the potential upside offered by DeVry shares is a significant blow to our own confidence in the investment case," analysts noted.
Separately, TheStreet Ratings currently has a "Hold" rating on the stock with a letter grade of C.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and growth in earnings per share. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and a generally disappointing performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.
You can view the full analysis from the report here: DV