Canaccord Genuity Maintains a 'Hold' on Shutterfly (SFLY); Combination Shows Strong Q2

Canaccord Genuity maintains a 'Hold' on Shutterfly Inc. (NASDAQ: SFLY) price target of $56.00.

Canaccord analyst, Heath Terry, says, "Shutterfly Inc. reported Q2 results above consensus, while Q3 guidance came in modestly below as the company highlighted the degree of seasonality in the combined business. Management raised full-year revenue guidance and lowered operating income guidance slightly to reflect synergies balanced by integration expenditures and new cost structure. Shutterfly continues to benefit from photo sharing and printing moving online, a mix shift toward higher-margin PPS, especially with Tiny Prints acquisition, and operational efficiencies. We would view any material weakness around earnings as an opportunity."

"Our ‘11 and ‘12 revenue/pro forma EPS estimates move from $473M/$1.13 and $591M/$1.73 to $482M/$0.95 and $616M/$1.55."

For more ratings news on Shutterfly Inc. click here and for the rating history of Shutterfly Inc. click here.

Shares of Shutterfly Inc. closed at $58.13 yesterday.

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