Piper Jaffray Reiterates Overweight and PT of $29 on Dangdang

Piper Jaffray reiterated its Overweight rating on Dangdang (NYSE: DANG). At the same time, the rating agency left its price target on the company's stock unchanged at $29.

In a research report published today, Piper Jaffray states, "We maintain our Overweight rating and price target of $29 on DANG shares. Shares are down 38% in June, driven by increased investor concern regarding competition and selling pressure surrounding the lockup... We believe investors will return to the name as a play on eCommerce in China, which remains a top global growth opportunity over the next decade. Despite perceived pricing pressure from Joyo and 360buy, we believe Dangdang remains the dominant bookseller."

On Monday, Dangdang added 6.52% to its value to end the day at $12.25. Its shares continued to rise in today's pre-market trading, climbing 0.16% higher to $12.27.