Piper Jaffray Maintains Overweight, $16 PT on Dangdang

Piper Jaffray reiterates its Overweight rating and $16 price target on E Commerce China Dangdang DANG as the company is seen to be well positioned in the nascent China e-commerce space. Piper Jaffray comments, "We remain comfortable with our Dec revenue estimate of $182m vs. the Street at $183m and our EPS estimate of ($0.17) inline with the Street, and expect these results to be a slight positive for shares. Importantly, we remain comfortable with our 50% revenue growth in 2012. The expense side in 2012 remains a wild card given the shifting competitive environment, but we believe spending to promote revenue growth is the right decision at this stage of the market." DANG closed at $4.66 per share on Wednesday.