UPDATE: Piper Jaffray Raises PT to $29 on Teavana Holdings

Piper Jaffray increases its price target from $27 to $29 on Overweight-rated Teavana Holdings (NYSE: TEA) as the company acquires Teaopia.

Piper Jaffray notes, "We are reiterating our Overweight rating and raising our price target from $27 to $29 on the heels of Teavana's announcement that it intends to acquire Teaopia--a Canadian specialty retailer of tea--for $26.9 million. Longer term, we believe Teavana is still in the early stages of its domestic store growth, and we are encouraged by continued ecommerce strength and now what we believe to be a period of harvesting both sales and margins in Canada with the just-announced acquisition."

TEA closed at $19.20 on Monday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.