Piper Jaffray Reiterates Overweight Rating for Convio as Charitable Giving Shifts Online

Piper Jaffray analysts Mark Murphy and Brian Schwartz reiterated an Overweight rating for Convio (NADAQ:CNVO) and a price target of $13.00.

Convio is a provider of online fundraising solutions for charities and non-profits.

Piper Jaffray said, "Industry data shows that aggregate US charitable giving declined 3.6 percent in 2009, a rare occurrence as it marks the second consecutive annual decline. However, channel shift away from direct mail toward online channels continued unabated, as online giving grew 14%, consistent with the 2008 growth rate for online giving."

The analysts believe that Convio is set to benefit as more fundraising shifts online, and believes that now is an attractive entry point for the stock.

CNVO is currently trading at $7.34. Its 52-week high was $10.99.

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