UPDATE: Topeka Capital Markets Reiterates Buy Rating, Raises PT on Shutterfly on 4Q12 Beat

In a report published Wednesday, Topeka Capital Markets reiterated its Buy rating on Shutterfly

, and raised its price target from $40.00 to $45.00. Topeka Capital Markets noted, “As expected, Shutterfly delivered a meaningful 4Q12 beat vs the TCM and Consensus estimates, supporting our view outlined in our January 4th note, that the competitive holiday environment was relatively benign, and that Shutterfly, with its innovative suite of product offerings, is taking share from profitability-challenged competitors. We are raising our year-end 2013 price target to $45 from $40 and reiterating our Buy rating on the shares. Catalysts include mobile penetration, further market consolidation, stronger than expected Enterprise growth, and uptake of new assets and initiatives including Treat and cloud offerings.” Shutterfly closed on Tuesday at $33.59.