UPDATE: Piper Jaffray Raises PT on ValueVision Media on Outstanding Q4 Report

In a report published Thursday, Piper Jaffray reiterated its Overweight rating on ValueVision Media

and raised its price target from $3 to $5. Piper Jaffray reported that. “Management indicated that variable transaction cost per unit was $2.41 in FQ4, down from $2.88 last year, driven in large part by a new automated voice response system which was upgraded in 2012. Management also indicated that it has been pleased with a test of high-definition broadcasting in about 1.7 million homes in WA and FL. These initiatives, as well as the fact that Shop began saving $15 million annually in January 2013 as the result of a new fee agreement with a major satellite provider, position VVTV for profitability in FY14 if the company can meet our estimates of high-single-digit revenue growth next year.” Shares of ValueVision Media closed at $2.73 on Wednesday.