UPDATE: Piper Jaffray Downgrades Vistaprint NV to Underweight

Piper Jaffray is out with its report today on Vistaprint NV (NASDAQ: VPRT), downgrading VPRT from Neutral to Underweight.

In its report, Piper Jaffray writes, "Given the increased risk profile and lack of visibility on a return to LT growth trends, we are downgrading VPRT to Underweight (from Neutral) and lowering our PT to $22 (from $44)."

At the time of posting, shares of VPRT were trading pre-market at $28.74, down 32.22% from Thursday's close.