Google Photobook Rumors Creates Shutterfly (SFLY) Headline Risk - Baird
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Sebastian said if true, "Shutterfly shares could come under pressure in the near term given the rapid adoption of the Google Photo app (200M monthly users highlighted on the GOOG 2Q16 earnings call), dredging up old concerns around competitive pressure from large-scale platforms (e.g., Apple Photobooks a long-time, but small-scale competitor; potential Facebook photo monetization)."
He said Shutterfly brand is a key competitive advantage, but Google Photos machine learning/artificial intelligence tech should not be discounted.
The analyst maintained an Outperform rating and price target of $59 on SFLY and said September 13 analyst day could provide next catalyst for the stock, as new CEO Chris North is likely to provide investors with his long-term strategic outlook.
Shares of Shutterfly Inc. closed at $50.22 yesterday.
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