UPDATE: Piper Jaffray Downgrades DynaVox; Lowers PT

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According to a research report published this morning, Piper Jaffray has downgraded DynaVox (NASDAQ: DVOX) from Overweight to Neutral, and lowered PT from $5 to $2.30.In the report, Piper Jaffray said, "For the 2nd consecutive quarter, Dynavox had surprising difficulty, as y/y revenues declined 16%, a stark contrast to the 5% y/y growth experienced in the first 9 months of CY11. Despite our previous ratcheting down of expectations, neither we nor management imagined the swift halt to school spending that began late last Fall and continued into the Spring. While our device estimate missed by $2M, coming in at $20.7M, our software forecast missed by $2.3 M on a tiny $5.6M original estimate."DynaVox closed yesterday at $2.19.

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