UPDATE: Piper Jaffray Reiterates Overweight Rating, Lowers PT on Teavana Holdings

In a report published Wednesday, Piper Jaffray & Co. reiterated its Overweight rating on Teavana Holdings

, but lowered its price target from $25.00 to $23.00. Piper Jaffray noted, “We are reiterating our Overweight rating on TEA shares and lowering our price target from $25 to $23 following Teavana's FQ2 report. Excluding the impact of the acquisition of Teaopia, TEA reported EPS of $0.03 in FQ2, which was at the high of management guidance of $0.02-$0.03. Comparable sales, which include e-commerce, were up 3.5% in FQ2, which was an acceleration from +1.7% in FQ1. Excluding e-commerce, same-store sales were up 0.6% in FQ2.” Teavana Holdings closed on Tuesday at $11.67.