Jefferies Raises Price Target on Shutterstock (SSTK) Following Image Milestone and API Announcement
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Jefferies Hold Shutterstock (NYSE: SSTK) price target of $62.00 (from $60.00) following company milestone and API plug in announcement for Photoshop. SSTK crossed the 100MM image mark on Sept 8th vs. Fotolia crossed the 43MM image mark on Aug 18th. highlighted the achievement by hosting a #FutureofImagery summit at its NYC headquarters as well as lighting up the Empire State building red & white. The API announcement brings SSTK's advance search technology directly into Photoshop and allows creatives to test different images directly in their designs before purchasing.
Analyst Brian Fitzgerald commented, "Shutterstock had two events last week: 1) Its image library crossed 100MM images and 2) Shutterstock announced an API plug in for Photoshop. We believe that SSTK has a best in class image library coupled with some leading technology solutions helping to reduce the friction associated with the creative process."
Shares of Shutterstock closed at $60.84 yesterday.
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