UPDATE: Piper Jaffray Downgrades Orbitz Worldwide to Neutral (OWW)

Piper Jaffray is out with its report today on Orbitz Worldwide (NYSE: OWW), downgrading shares from Overweight to Neutral.

In a note to clients, Piper Jaffray writes, "We are moving OWW shares to Underweight from Neutral and lowering our PT to $3.50 from $6.00 previously, as we believe the company will face increasingly aggressive competition over the next 1-3 years from Expedia, Priceline & others, particularly in the Asia/Pacific region. Furthermore, we do not believe the company's difficulties in the domestic market are likely to fade anytime soon given an improving U.S. economy and the American Airlines and Google/ITA headwinds."

At the time of posting, shares of OWW were trading pre-market at $3.90, down 2.50% from Wednesday's close.