UPDATE: Piper Jaffray Raises PT on Web.com on Expected Revenue Growth

In a report published on Tuesday, Piper Jaffray analyst Gene Munster raised the price target on

from $26.00 to $32.00 and an Overweight rating. In the report, Piper Jaffray noted, "At the core of our Overweight rating is our belief that the company can increase its organic growth rate from ~5% in 2012 (adjusted for Network Solutions acquisition) to 8% in 2013 to 11% in 2014. The reason for this accelerating revenue growth is that the company is spending its savings from refinancing its debt early this year. Of the ~$18m a year in interest savings we estimate ~$11m is being reinvested in broad base marketing on primary TV and some online marketing spend and feet on the street. The marketing program will entail a broader campaign to emphasize the increased breadth of the company's product offerings including eCommerce and social. We have faith in Web's plan given the direct marketing model delivered revenue and earnings results in line or slightly better than the company's guidance for the past 20 quarters." Web.com closed on Monday at $21.34.