Piper Jaffray Reiterates Overweight on ValueVision Media (VVTV)

Piper Jaffray is out with its report today on ValueVision Media

, reiterating Overweight. In a note to clients, Piper Jaffray writes, "We are reiterating our Overweight rating in view of what we believe to be continued merchandising improvements thus far in FQ1. Our proprietary analysis points to an uptick in electronics versus last year--consistent with a more normalized penetration rate of this category off of last year's very low levels. More importantly, we believe there are more widely adopted identifiable brands offered in the product mix pointing to management's execution on their merchandising strategy. Following the company's recent secondary offering, we are publishing our updated estimates to reflect the transaction." Piper Jaffray maintains a $12 PT on VVTV. Shares of VVTV closed Tuesday at $5.05, down 4.54% from Monday's close.