UPDATE: Piper Jaffray Downgrades Meredith Corporation to Neutral on Full Valuation

Piper Jaffray downgraded Meredith Corporation

from Overweight to Neutral and raised the price target from $38.00 to $43.00. Piper Jaffray stated, "We are assuming coverage of Meredith with a Neutral rating and $43 PT as shares appear fairly valued on core fundamentals, in our view, following 41% appreciation the last 3 months. We acknowledge intrigue around value creation associated with a potential spin-off of Time's magazines with Meredith, with our scenario analysis suggesting fair valuation could reach $66 with modest cost synergies. However, given complexity and risk we can only place a 50/50 probability on a completed transaction, and we would wait for more clarity on details surrounding a spin-off to get constructive on the stock." Meredith Corporation closed at $42.56 on Monday.