UPDATE: Jefferies & Company Initiates Coverage on Shutterstock with Buy Rating, $30 PT
In a report published Monday, Jefferies & Company initiated coverage on Shutterstock (NYSE: SSTK) with a Buy rating and $30.00 price target.
Jefferies noted, “We are initiating on SSTK with a Buy rating and $30 PT. Shutterstock has a highly disruptive business model in what is a large market opportunity with secular tailwinds. SSTK has the largest database of royalty-free images among peers, creating a virtuous, network effect that drives LT growth. Jefferies acted as a Joint Bookrunner in Shutterstock's October IPO.”
Shutterstock closed on Friday at $24.82.
Latest Ratings for SSTK
|Nov 2015||Deutsche Bank||Maintains||Hold|
|Aug 2015||William Blair||Downgrades||Outperform||Market Perform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.