UPDATE: Cantor Fitzgerald Initiates Coverage on VistaPrint with Buy Rating, $46 PT

In a report published Friday, Cantor Fitzgerald initiated coverage on VistaPrint

with a Buy rating and $46.00 price target. Cantor Fitzgerald noted, “We are initiating coverage of Vistaprint with a BUY rating and a $46 price target. Vistaprint continues to be the disrupter in a market that is large, fragmented, relatively low-tech, and mostly offline. While investments will likely keep a lid on profits near-term, we expect meaningful improvement in margins longer-term, accompanied by above-industry top-line growth.” VistaPrint closed on Thursday at $37.73.