Piper Jaffray Reiterates Overweight on Ancestry.com (ACOM)

Piper Jaffray is out with its report today on Ancestry.com (NASDAQ: ACOM), reiterating Overweight.

In a note to clients, Piper Jaffray writes, "The bottom line is that we are buyers of ACOM following strong Q1 earnings. We believe Ancestry has quietly established itself as one of the best publicly traded consumer Internet companies facing minimal competition and is aggressively growing its core market in genealogy. Following the company's strong Q1 report and guide, we expect ACOM to grow revenue in excess of 30% in 2011 for the second straight year. We believe the company could continue to grow 15% in 2012. Shares appear undervalued trading at ~10x FY12E EBITDA and we reiterate our $45 price target based on 14x FY12E EBITDA."

Shares of ACOM closed Thursday at $32.06, up 3.05% from Wednesday's close.