UPDATE: Morgan Keegan Reiterates Outperform, Lowers PT to $40 on Shutterfly

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Morgan Keegan maintains its Outperform rating on Shutterfly (NASDAQ: SFLY) and lowers its price target to $40 from $55 as the company posts negative guidance update. Morgan Keegan notes, "Shares of SFLY are down (49%) since the Q3:11 report, reflecting Street fears of a miss. At 8x/6x '12E/'13E EBITDA after a (38%) revision to EPS, SFLY shares have more than priced in the Q4:11 shortfall. While we believe Shutterfly is well positioned to take share in photos, we view shares as range bound NT until promotional activity subsides. ...Q4:11 net revenues lowered to $259-$264M from$270.5-$275.5M; EBITDA to $84-88M from $96.3-$101.1M."SFLY closed at $23.96 per share on Friday.

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