UPDATE: Topeka Capital Markets Raises PT on Shutterfly on 'New, Rational Paradigm'

In a report published on Wednesday, Topeka Capital Markets analyst Victor Anthony raised the price target on Shutterfly SFLY from $54 to $62 while maintaing a rating on the company of Buy. In the report, Topeka Capital Markets stated, "We believe that Shutterfly is operating in a new paradigm in which the competitive environment over the past 9 months, while remaining intense, has become more rational. This is a meaningful positive for the industry, and importantly for Shutterfly, as the market leader." Shutterfly closed on Tuesday at $53.39.