UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on HSN

In a report published Friday, Piper Jaffray & Co. reiterated its Overweight rating on HSN

, and raised its price target from $54.00 to $64.00. Piper Jaffray noted, “We are reiterating our Overweight rating and raising our price target from $54 to $64 given increased conviction that HSN is benefiting from long-term, secular trends in product distribution, as well as mounting evidence that management is finding innovative ways to monetize its status as an in-demand channel partner. We believe brands are increasingly viewing HSN as a valued strategic marketing partner, and that as high-quality brands continue to migrate towards direct-to-consumer distribution, they will seek to partner with retailers that can drive synergies across multiple channels.” HSN closed on Thursday at $47.22.