UPDATE: Topeka Capital Markets Downgrades Vistaprint to Hold on European Recovery Visibility

Topeka Capital Markets downgraded Vistaprint

from Buy to Hold and lowered the price target from $45.00 to $39.00. Topeka Capital Markets commented, "While the reported FY2Q13 surpassed expectations on revenues and EPS, management expects the European turnaround will be a "long-term effort". We had previously believed improvements in European performance were near-term. In addition, the Company stated that it is unlikely to achieve its goal of $2B in revenues by FY2016. As such, we can no longer recommend the stock for purchase and move to a Hold." Vistaprint closed at $35.85 on Thursday.