Goldman Sachs analysts began coverage of New Oriental Education (NYSE:EDU), giving it a Buy rating and setting a price target of $85.00. They noted that New Oriental is a resilient and growing force in China’s education industry, consistently gaining market share. With its wide range of educational services and successful investments beyond education, the company is seen as having a balanced revenue stream.

It’s expected to be in the early stages of a multi-year period of scaling and profit growth, with revenue and EPS compound annual growth rates (CAGRs) of 23% and 44%, respectively, from fiscal 2023 to 2026. The valuation of New Oriental is considered attractive at 21 times its 2024 P/E, which is below its historical median of 23 times its 12-month-forward P/E from 2010 to July 2021.

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