); it has a $28.00 price target on the stock. The PJ analysts said that they remain comfortable with their September quarter estimates for GSIC despite indications from multiple sources that eCommerce sales growth has decelerated slightly in the September quarter from the June quarter. They expect GSI Commerce to report revenues between $280.7 million and $276.0 million for the September quarter. As for valuation, the analysts remarked, “Our $28 price target is based on ~13x 2011E EV/EBITDA of $168 million, $130 million net debt and 76 million diluted shares.”