Barclays Maintains an 'Overweight' on Shutterfly (SFLY); Snapping Up The Competition
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Price: $48.61 +1.17%
Rating Summary:
9 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
9 Buy, 8 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
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Barclays maintains an 'Overweight' on Shutterfly Inc. (NASDAQ: SFLY) price target of $40.00.
Analyst, Mark May, said, "We view this transaction, if it closes at or near the currently proposed terms, positively for four main reasons: 1) the price is lower than we had expected and represents an attractive value...2) the deal represents consolidation of one of the largest U.S. competitors and could positively influence industry pricing; 3) SFLY has experience in executing similar competitor customer list transactions, such as the 2011 acquisition of PhotoWorks from American Greetings; and 4) while details are limited, we would expect the transaction to be nicely accretive given nominal costs associated with transitioning and conversion of Kodak customers."
NOTE - Yesterday, SFLY announced it would acquire Eastman Kodak's customer accts in US & Canada for $23.8 mln.
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 $26.91 yesterday, with a 52 week range of $21.34-$66.70.
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Analyst, Mark May, said, "We view this transaction, if it closes at or near the currently proposed terms, positively for four main reasons: 1) the price is lower than we had expected and represents an attractive value...2) the deal represents consolidation of one of the largest U.S. competitors and could positively influence industry pricing; 3) SFLY has experience in executing similar competitor customer list transactions, such as the 2011 acquisition of PhotoWorks from American Greetings; and 4) while details are limited, we would expect the transaction to be nicely accretive given nominal costs associated with transitioning and conversion of Kodak customers."
NOTE - Yesterday, SFLY announced it would acquire Eastman Kodak's customer accts in US & Canada for $23.8 mln.
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 $26.91 yesterday, with a 52 week range of $21.34-$66.70.
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