Piper Jaffray Raises Price Target on EVINE Live (EVLV) to $6 Following 2Q15

Piper Jaffray reiterated an Overweight rating on EVINE Live Inc. (NASDAQ: EVLV), and raised the price target to $6.00 (from $5.00), following the company's 2Q15 earnings results. For FQ2, revenue growth came in at +2.9%, well ahead of our estimate of -2.3%. Management expects revenue growth to be flattish for FQ3 followed by sales growth and profitability in FQ4.

Analyst Neely Tamminga commented, "We reiterate our OW on EVLV in view of a positive inflection from a challenging FQ1 driven by what we believe is a cogent and comprehensive plan to drive revenue growth and consistent profitability come this upcoming FQ4. For FQ2, revenue growth came in at +2.9%, well ahead of our estimate of -2.3% driven by growth in active customers and purchase frequency. Looking ahead, management expects revenue growth to be flattish for FQ3 followed by sales growth and profitability in FQ4. Longer-term, we continue to believe that EVLV is executing on its strategic plan to increase shareholder value by injecting newness and verve into its products and programming. For investors willing to move up the risk curve a tinge, we believe EVLV presents a unique turnaround story."

For an analyst ratings summary and ratings history on EVINE Live Inc. click here. For more ratings news on EVINE Live Inc. click here.

Shares of EVINE Live Inc. closed at $2.23 yesterday.

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