Baird Lifts Numbers on Shutterfly (SFLY) on Strong Q4 Upside

February 6, 2013 9:21 AM EST
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Baird raised its price target on Outperform-rated Shutterfly Inc. (NASDAQ: SFLY) from $40 to $45 following "significant Q4 upside."

"Q4 results were well above consensus expectations, as Shutterfly strengthened its category leadership in online photo products – gaining market share, successfully navigating a promotional pricing environment, and investing for future growth," analyst Colin Sebastian notes. "Overall, guidance also looks solid, above our full year targets, although ongoing platform and product investments are factored into margin."

Sebastian highlighted a healthy gross margin rebound, increased 600 bps Q/Q and 10 bps Y/Y to 60.5%, and said guidance still may prove conservative.

The firm adjusted FY13 EPS estimates from $0.47 to $0.44.

For an analyst ratings summary and ratings history on Shutterfly Inc. click here. For more ratings news on Shutterfly Inc. click here.

Shares of Shutterfly Inc. closed at $33.59 yesterday.

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