UPDATE: Barrington Downgrades K12 Inc. On Near-Term Catalysts

In a midday note, analyst Alexander Paris from Barrington Research reduced his rating on K12 Inc. (NYSE: LRN), a technology based education company, from Outperform to Market Perform.

This follows a weak enrollment number announced Thursday morning by the company, with operating income now 30-40 million versus a previous consensus of 54.1 million.

Paris cited the lack of any near-term catalyst as the reason for the downgrade, with the company having issued below consensus guidance. Mr. Paris feels the downside is limited from present levels, but prefers to be o the sidelines for now. He goes on to say that he still likes the long-term opportunities in the stock.

Shares of K12 are down 6.5 percent at 14.95.