Needham & Company Reiterates Buy on Shutterfly (SFLY) Following Solid 3Q
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Needham & Company reiterated a Buy rating and $56.00 price target on Shutterfly Inc. (NASDAQ: SFLY) following the company's 3Q earnings report. following the company's 3Q earnings report. Total revenue was $187.3M, up 12% y/y, above consensus of $183.5M, primarily driven by continued strength in the Shutterfly brand and Shutterfly Business Solutions.
Analyst Kerry Rice commented, "Shutterfly reported 3Q16 upside and raised FY16 EPS guidance. The strong revenue growth was driven primarily by its Shutterfly brand and SBS. Gross margin was particularly strong as the Consumer and SBS segments benefited from scale and manufacturing efficiencies. We believe the company is well positioned heading into Q4 having completed the migration of its most active customers to its All New Shutterfly and launched its new apps. We expect mobile to boost user engagement and ultimately could deliver 4Q16 revenue upside. While still investing, we expect continued strong growth in the SBS business. Despite the competitive overhang from Amazon, we see minimal near-term risk to Shutterfly's Consumer revenue given its growing customer base with increasing orders and higher AOV. We continue to recommend Shutterfly shares."
Shares of Shutterfly Inc. closed at $42.07 yesterday.
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