Cantor Fitzgerald Reiterates Buy Rating, $35 PT on Shutterfly

In a report published Friday, Cantor Fitzgerald reiterated its Buy rating and $35.00 price target on Shutterfly SFLY. Cantor Fitzgerald noted, “As the holiday season draws to a close, our checks continue to show a slightly lower promotional intensity in the vertical vs. last year, along with a robust growth in Shutterfly's paid clicks. Taken together, we believe the data bodes well for SFLY's 4Q performance, and hence we're maintaining a BUY rating and $35 PT...Our proprietary tracking of promotional offers suggests that while promotional activity/discounting by key players remains above the historical norm, it is down slightly vs. last year. Examples of this include offers for penny print on select days by Snapfish instead of 12-14 weeks straight last year and buy-1-get-2-free photo book offers only via email to existing customers vs. last year's more broad-based offering.” Shutterfly closed on Thursday at $29.50.