UPDATE: Piper Jaffray Downgrades Valassis Communications and Reduces PT from $42.00 to $27.00

Piper Jaffray has published a report on Valassis Communications VCI downgrading the media and marketing services company from Overweight to Neutral. In the report, Piper Jaffray wrote, "We have stuck with VCI shares over the past several months anticipating a resurgence in the shared mail business and a stabilization in its FSI segment. We are no longer confident either expectation will come to fruition, at least over the next 6-12 months, and therefore are downgrading the shares from Overweight to Neutral. While VCI's valuation may appear attractive versus peers, we believe the underlying growth in the business remains elusive, and until a baseline level of growth can be determined, we expect the shares to remain rangebound at best." Piper Jaffray downgraded Valassis Communications from an Overweight to a Neutral with a price target reduced from $42.00 to $27.00. Valassis Communications closed Thursday at $27.75.