UPDATE: Piper Jaffray Downgrades Dangdang to Neutral; Revenues Lack Visibility

Piper Jaffray downgraded Dangdang

from Overweight to Neutral and lowered the price target from $10.00 to $4.50. Piper Jaffray noted, "We believe Dangdang will continue to benefit from China's robust eCommerce industry, which we feel is in the early innings of an extended period of rapid growth. However, we lack visibility with respect to the company's revenue and earnings growth over the next few quarters as Dangdang continues its shift towards marketplace (3P). We would look to become more constructive on DANG shares once top- and bottom-line visibility improves and we gain more conviction in our estimates." Dangdang closed at $3.95 on Friday.