Piper Jaffray Reiterates Overweight on MDC Partners

Piper Jaffray is out with its report today on MDC Partners MDCA, reiterating Overweight. In its report, Piper Jaffray writes, "Post our sponsored investor lunch with MDC yesterday, we have increased conviction in our Overweight rating. MDC has seen 'no change' in client behavior on either its retainer or project business. Further, based on continued positive y/y consumer spending trends, the company expects its strong 2H11 backlog to remain firmly in place as it now begins work on Q4 holiday projects." Piper Jaffray maintains a $26 PT on MDCA. At the time of posting, shares of MDCA were trading at $15.72, down 1.44% from Wednesday's close.