Piper Jaffray Underweight on Vistaprint

Piper Jaffray is out with a research report on Vistaprint NV (NASDAQ: VPRT) and it has an Underweight rating and a $22 price target on shares.

In a note to clients, Piper Jaffray writes, "Our travels with management left us with a greater appreciation of ongoing manufacturing efficiencies being generated and optimism we may see more transparency in the intermediate-term on retention and/or various investment returns. We remain Underweight the shares, however, until we can better gauge whether the stated level of investment is adequate to achieve Vistaprint's stated 5-year goals."

Shares of VPRT closed at $27.41 yesterday.