UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Shutterstock

In a report published Friday, Jefferies & Company reiterated its Buy rating on Shutterstock SSTK, and raised its price target from $30.00 to $32.00. Jefferies noted, “We're reiterating our Buy and raising our PT to $32. SSTK had a solid earnings beat on its first public quarter results on better-than-expected revenue, as well as marketing spend yield, which lead to improved EBITDA margins. Mgmt also guided better than expected for 4Q12 and FY13.” Shutterstock closed on Thursday at $21.79.