UPDATE: Piper Jaffray Assumes Neutral, Cuts PT to $16 on Millennial Media on Risk

Piper Jaffray assumed coverage on Millennial Media

with a Neutral rating and a $16.00 price target. Piper Jaffray noted, "We believe Millennial remains well positioned as the top "independent" platform with scale to capitalize on the larger and growing mobile ad market. While the opportunities to participate in the growing mobile business is attractive, the risks are substantial, including heightened competition and challenges to monetizing its business model. With modest upside to our $16 target, we look for a more timely entry point and/or data points indicating Millennial can grow in excess of mobile ad market growth expectations." Millennial Media closed at $14.20 on Friday.