UPDATE: Piper Jaffray Downgrades Arbitron to Underweight, Reiterates $47 PT

In a report published Wednesday, Piper Jaffray & Co. downgraded its rating on Arbitron ARB from Overweight to Underweight, and reiterated its $47.00 price target. Piper Jaffray noted, :We are downgrading shares of Arbitron from Overweight to Underweight as the stock has achieved our $47 price objective, which is a full valuation in our view. While we do not see significant anti-trust hurdles associated with a Nielsen-Arbitron combination, it remains a minor risk and coupled with the full valuation, warrants our Underweight rating.” Arbitron closed on Tuesday at $47.03.