UPDATE: Piper Jaffray Raising Price Target On ValueVision Media (VVTV)

Piper Jaffray is raising its price target on shares of ValueVision Media VVTV to $12 from $8, and is keeping its Overweight rating on shares.

In a note to investors, Piper Jaffray writes, "We are reiterating our OW rating on VVTV shares following the company's FQ4 report in which sales and adjusted EBITDA were ahead of expectations. Management indicated that it successfully lowered distribution fees per user for about 25% of its viewership; as a result it expects distribution fees per user to be approximately flat in FY12 (versus our prior assumption of +LSD), with the potential to decline in future years. As ShopNBC grows its active customer base, we expect the favorable distribution fee trend to result in significant leverage. Regarding current trends, management indicated that QTD sales are tracking slightly above plan."

Shares of VVTV closed at $6.50 yesterday.