UPDATE: Piper Jaffray Lowers PT on Higher One Holdings from $19 to $16

Piper Jaffray maintained an Overweight rating on Higher One Holdings

and lowered its price target from $19 to $16. Piper Jaffray wrote, “For the seasonally weak June quarter, ONE reported revenue of $38.9M vs. PJC and consensus at $39.1M. Adjusted EPS of $0.09 was slightly below our $0.12 estimate and consensus of $0.11. ONE maintained its 2012 outlook as enrollment trends, which worsened during 1Q12, remain unchanged. On the call, management again pointed toward a strong 2H12 as benefits from its backlog of Fall semester signings and Flex/ Premier initiatives bear fruit. Furthermore, ONE acquired Campus Labs, a higher education data collection and analytics company, for $38M cash plus 150K warrants; the deal should be accretive in 2013.” Higher One Holdings closed at $11.51 on Tuesday.