UPDATE: Morgan Stanley Maintains Overweight, Lowers PT to $40 on Shutterfly
Morgan Stanley reiterates its Overweight rating on Shutterfly (NASDAQ: SFLY) 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.
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