Zacks Investment Research upgraded shares of Shutterfly Inc. (SFLY) from NEUTRAL to OUTPERFORM on October 02, 2012, with a target price of $36.00.
Shutterfly is panning out initiatives like product innovation, focus on developing a successful commercial printing business, persistent strategic partnerships with retailers and opportunistic acquisitions. Management sees several opportunities ahead, as the social expression and personal publishing markets are still in a nascent stage. Some of Shutterfly's recent deals like the takeover of Kodak Gallery online photo services, Photoccino and Penguin Digital, as well as previous acquisitions of WMSG and Tiny Prints continue to strengthen the company's portfolio. Further, Shutterfly remains geared up to beef up its offerings in the growing mobile e-commerce segment. Although there are threats from challenging economic conditions and a fierce discounting war among the competitors, Shutterfly's upcoming fourth quarter, which is seasonally the strongest, promises solid business ahead. Hence, we upgrade our recommendation from Neutral to Outperform.
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