UPDATE: Piper Jaffray Lowers PT to $17 on Yoku.com on Comparative Risk/Reward

Piper Jaffray reiterated its Neutral rating on Yoku.com

and reduced its price target from $21 to $17. Piper Jaffray commented, "Youku reported its first quarter following the completion of its merger with Tudou. The bottom line is that Youku's core business appears to continue to perform well, while the business of Tudou is beginning to stabilize after a difficult period post the merger announcement. While we continue to believe in the combination of Youku and Tudou, given the ongoing transition we believe that shares of BIDU currently offer a better value and risk/reward profile. We maintain our Neutral rating on shares of YOKU." Yoku.com closed at $16.88 on Thursday.