Piper Jaffray Reiterates Overweight Rating, $297 PT on Amazon.com

In a report published Friday, Piper Jaffray & Co. reiterated its Overweight rating and $297.00 price target on Amazon.com

. Piper Jaffray noted, “August NPD video game software sales were down 9%, vs. down 23% in the month of July and 34% in the June quarter. This improvement is a slight positive read on the September quarter given we are modeling for a deceleration in Amazon's NA media sales growth to 6% in Sept-12 vs. 18% in Jun-12. We estimate video games account for 15% of media revenue. Overall, we believe the NPD data gives an anecdotal read into the media segment. We remain confident in Amazon as the best way to play the long-term eCommerce theme.” Amazon.com closed on Thursday at $251.38.