Shutterfly Shareholders Remain Confident of Company's Search for a Buyer

In a news release Wednesday, Bloomberg reported Shutterfly

is currently working with a Qatalyst Partners to find buyers for the internet publishing service. Shutterfly was asked about the rumor earlier Wednesday, the company declined the

Shares of Shutterfly move higher by 14.55 percent as shareholders are still confident that the company remands seeking a buyer. Goldman Sachs analyst Heath Terry mentioned the Shutterfly rumor, states there is high interest in digital and photo acquisitions, but is unsure of the demand for acquiring processing plants. Terry adds similar acquisitions in the sector trade around a multiple of 4x 12-month sales.