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Piper Jaffray reiterated its Overweight rating on Dangdang
DANG. At the same time, the rating agency left its price target on the company's stock unchanged at $29.
In a research report published today, Piper Jaffray states, "We maintain our Overweight rating and price target of $29 on DANG shares.
Shares are down 38% in June, driven by increased investor concern regarding
competition and selling pressure surrounding the lockup... We believe investors will return to the name as a play on
eCommerce in China, which remains a top global growth opportunity over the next
decade. Despite perceived pricing pressure from Joyo and 360buy, we believe
Dangdang remains the dominant bookseller."
On Monday, Dangdang added 6.52% to its value to end the day at $12.25. Its shares continued to rise in today's pre-market trading, climbing 0.16% higher to $12.27.
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