UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Shutterfly on Strong Q4

In a report published Wednesday, Jefferies reiterated its Hold rating on Shutterfly

, and raised its price target from $32.00 to $36.00. Jefferies noted, “Shutterfly delivered strong performance vs. conservative expectations. The company, which is a leading, differentiated player in a competitive space, grew share across all brands while improving margins, even in a promotional environment. We are raising estimates and our price target from $32 to $36, while maintaining our Hold rating.” Shutterfly closed on Tuesday at $33.59.