UPDATE: Piper Jaffray Initiates Coverage on YuMe with Overweight Rating, $13 PT on Best Market Offering Position

In a report published Tuesday, Piper Jaffray analyst Gene Munster initiated coverage on

with an Overweight rating and $13.00 price target. In the report, Piper Jaffray noted, “We initiate Overweight on shares of YUME with a $13 target. We believe that YuMe is the best publicly traded pure-play online video platform, yet shares currently trade at a discount to its most direct peer in the market, despite higher projected growth rates. Over time, we believe YuMe will benefit from the shift of the $200 billion global TV ad market to online video and also believe the company has a strategy to directly drive the shift.” YuMe closed on Friday at $8.48.