Piper Jaffray Reiterates Overweight, $25 PT On Financial Engines

In a note out today, Piper Jaffray reiterated an Overweight rating and $25 price target, implying minimal upside from current levels, on Financial Engines

. "We believe FNGN's long-term growth plan revolves around introducing new products/capabilities to retain pricing and drive revenue growth. FNGN has a long-term goal of growing revenue 20-30% with 15-20% operating margins. Pricing stability has been driven by product enhancements, and has utilized AUM or enrollment breakpoints to reduce pricing for larger clients. Remember, FNGN generates ~70% incremental margins, and these are allocated between reinvestments in the business and margin maintenance," Piper Jaffray said in the note. Shares of Financial Engines are down more than 3% today.