UPDATE: Piper Jaffray Upgrades Orbitz Worldwide to Neutral

Piper Jaffray is out with its report today on Orbitz Worldwide (NYSE: OWW), upgrading OWW from Underweight to Neutral.

In its report, Piper Jaffray writes, "We are raising our rating to Neutral from UW as Orbitz is executing on its plan to grow hotel and int'l revenue. Orbitz will face significant int'l competition, but we suggest that the rising tide of the shift from offline to online bookings will support multiple players."

Piper Jaffray raises PT on OWW from $2.25 to $2.50.

Shares of OWW closed Thursday at $2.75, up 44.74% from Wednesday's close.