UPDATE: Piper Jaffray Downgrades ValueClick to Neutral on Pressure from Online Exchanges

Piper Jaffray reduces its rating on ValueClick

from Overweight to Neutral and lowers its price target from $27 to $15. Piper Jaffray notes, "Industry checks point to a continued acceleration of impression buying via online exchanges (a.k.a. RTB), at the expense of ad networks, putting VLCK in the precarious position of having to bid up impressions among many. While it has and will continue to buy lower-priced exchange impressions to complement existing network inventory, economics here eventually go away as more and more exchange buyers outstrip supply. Dotomi now controls VCLK's destiny and while synergies may present themselves in future periods, growth expectations should begin to revert to industry (ad technology) norms in FY13." VCLK closed at $15.60 on Monday.