UPDATE: Morgan Stanley Maintains Overweight, Lowers PT to $40 on Shutterfly

Morgan Stanley reiterates its Overweight rating on Shutterfly

but lowers its price target to $40 on short-term competitive headwinds. Morgan says, “Upon revisiting the structural story, we remain Overweight but lower our price target to $40. Short-term competitive headwinds may potentially limit intrinsic value realization.” SFLY closed at $24.67 per share on Tuesday.