UPDATE: Wunderlich Securities Initiates Coverage on Shutterstock with Buy Rating, $92 PT on Positive Growth Forecast

In a report published Friday, Wunderlich Securities analyst Blake T. Harper initiated coverage on

with a Buy rating and $92.00 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of Shutterstock, Inc. (SSTK) with a Buy rating and $92 price target. We believe the company has been successfully disrupting the stock photo and imagery market by developing an online marketplace differentiated by its technology, data, and search capabilities. The company is benefiting from secular trends such as SMB advertising shifting online and strengthening network effects with contributors and marketers. It also has several catalysts for higher growth with video offerings, enterprise, and international expansion and a partnership with Facebook (FB-NR). We forecast the company can grow revenues at a three-year CAGR of 27% and we derive our $92 price target from our DCF, which implies a 8x EV/S multiple on our FY15 estimate.” Shutterstock closed on Thursday at $82.58.