UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Shutterstock on 4Q12 Results

In a report published Friday, Jefferies reiterated its Buy rating on Shutterstock

, and raised its price target from $32.00 to $35.00. Jefferies noted, “We're reiterating our Buy and raising our PT to $35. SSTK reported 4Q12 results that were significantly better than expected as it continues to benefit from secular tailwinds and market share gains. SSTK is the market leader in a niche space and will keep distancing itself from competitors due to barriers to scale.” Shutterstock closed on Thursday at $28.05.