UPDATE: Jefferies & Company Initiates Coverage on Shutterstock with Buy Rating, $30 PT

In a report published Monday, Jefferies & Company initiated coverage on Shutterstock

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.