Shutterfly (SFLY): We Are Not Sellers - Needham
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Needham & Company analyst, Kerry Rice, reiterated his Buy rating on shares of Shutterfly Inc. (NASDAQ: SFLY) after Amazon (NASDAQ: AMZN) launched a new Prints service that offers photo and photo book printing. Although Amazon's large Prime member base and competitive pricing raise concerns, the analyst believes Shutterfly's strong manufacturing capability offers consumers wider product selections, more customization, and higher quality products.
The analyst noted that Shutterfly offers free unlimited photo storage as opposed to Amazon Print, which requires Prime membership of $99.
No change to the price target of $56.
Shares of Shutterfly Inc. closed at $44.20 yesterday.
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