Piper Jaffray Raises Price Target on HSN, Inc. (HSNI) Following 2Q15 Results

Piper Jaffray reiterated an Overweight rating on HSN, Inc. (NASDAQ: HSNI), and raised the price target to $77.00 (from $71.00), following 2Q15 results. HSNI reports FQ2 EPS of $0.81 in line with consensus.

Analyst Neely Tamminga, commented, "We are reiterating our Overweight on HSNI in view of its many initiatives underway aimed at driving sustainable long-term growth despite investor concerns in the nearterm following its FQ2 release. Investors appear concerned about HSN's top-line growth which came in at +3% for FQ2 vs. our estimate and consensus of +5%. That said, Cornerstone's sales growth of 5% bested our estimate of 0%. In explaining the sales performance at the HSN division, management noted that primarily jewelry and to a lesser degree home solutions offset strong strength in other categories as jewelry was challenged by macro headwinds. We are encouraged by the company's continued mobilefirst mentality driving mobile growth of 23% for thequarter. We continue to favor HSNI and believe investors may want to consider this pullback as an opportunity to add to positions of what is a shareholder friendly core holding in HSNI."

For an analyst ratings summary and ratings history on HSN, Inc. click here. For more ratings news on HSN, Inc. click here.

Shares of HSN, Inc. closed at $66.67 yesterday.

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