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UPDATE: Topeka Capital Markets Upgrades Shutterfly to Buy on Competitive Confidence

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Topeka Capital Markets raised its rating on Shutterfly (NASDAQ: SFLY) from Hold to Buy with a $40 price target.

Topeka Capital Markets commented, "We are upgrading the shares of Shutterfly to Buy from Hold and setting a $40 price target for year-end 2013, following what we believe was a relatively benign competitive environment in 4Q12. We believe that the past promotional period is indicative of what we can expect going forward. In addition, we now have greater confidence in the management team, believe that current competitors will continue to struggle to achieve sustained profitability, and see the Company exceeding 4Q12 consensus revenues and Adjusted EBITDA estimates."

Shutterfly closed at $31.69 on Thursday.

Latest Ratings for SFLY

DateFirmActionFromTo
May 2014Raymond JamesMaintainsOutperform
Apr 2014Goldman SachsUpgradesNeutralBuy
Mar 2014Cowen & CompanyDowngradesOutperformUnderperform

View More Analyst Ratings for SFLY
View the Latest Analyst Ratings

Posted-In: Topeka Capital MarketsAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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