In a report published Thursday, Jefferies analyst Brian Fitzgerald reiterated a Buy rating on Shutterstock SSTK, and raised the price target from $53.00 to $62.00.
In the report, Jefferies noted, “We're reiterating our Buy and raising our PT to $62 as SSTK reported 2Q results ahead of expectations. We continue to see opportunities for growth and margin expansion as the company prioritizes on Int'l expansion, video clips, and the enterprise. Mgmt raised its FY13 outlook, which looks conservative to us.”
Shutterstock closed on Wednesday at $53.46.
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