Morgan Stanley Maintains Overweight Rating and $65 PT on Shutterfly

A report from Morgan Stanley reiterates its Overweight rating and $65 price target on Shutterfly

. The report states, “Management cited a difficult comp for CQ3:11 core Shutterfly sales and price elasticity testing at Tiny Prints for the deceleration witnessed in the earnings release. With the tinkering out of the way, we now look forward to CQ4." SFLY closed yesterday $46.63.