UPDATE: Cantor Fitzgerald Reiterates Buy Rating, Raises PT on Shutterstock on Solid Beat

In a report published Friday, Cantor Fitzgerald reiterated its Buy rating on Shutterstock

, and raised its price target from $30.00 to $32.00. Cantor Fitzgerald noted, “Strong execution amidst secular growth in demand for stock imagery is driving better than expected performance for Shutterstock across virtually all metrics. We view this trend as sustainable in the near/medium-term, given the company's improving competitive position and are reiterating our BUY rating. We're raising our PT to $32 from $30.” Shutterstock closed on Thursday at $28.05.