Shutterfly (SFLY) Announces New CFO Mike Pope Along with 3Q Results; Baird Reiterates Outperform

Baird reiterated an Outperform rating and $55.00 price target on Shutterfly Inc. (NASDAQ: SFLY) following the company's 3Q15 earnings results. Shutterfly reported a solid quarter, with revenues and adjusted EBITDA of $167.5M (+18% Y/Y) and ($4.4M), above consensus of $166M and ($10.5M), respectively. Shutterfly also announced that CFO Brian Regan is departing Shutterfly, to be replaced by Mike Pope (CFO of Clean Power Finance).

Analyst Colin Sebastian commented, "Overall, Shutterfly reported solid revenue and profitability above expectations. While Consumer segment revenues were a bit light of our estimate, management indicated that core-branded organic revenue growth remains in the double-digits. Looking ahead, we expect operating leverage and higher Y/Y margins in Q4 and then in 2016. While some Street estimates may be over-reaching a bit on next year EBITDA margins, overall we believe the Shutterfly 3.0 platform investments are on track. Reiterate Outperform rating."

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 $37.97 yesterday.

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