Jefferies Says Despite Sell-Off Shutterfly (SFLY) Had a Solid Q3; Maintain Buy

Jefferies is sticking with their Buy rating and $65 price target on Shutterfly Inc. (NASDAQ: SFLY) following Q3 results after the close.

While shares were down on the lack of a meaningful beat/raise, the firm is maintaining their rating to reflect: a) Shutterfly's sound fundamentals and market leading position in rapidly growing consumer online print, b) mgt's focus on execution/cost discipline, and c) potential upside from cross-sell between Tiny Print and SFLY, and from margin improvement in Q4/FY12."

Q4 EPS estimates go down from $1.11 to $1.01, FY11 up from $0.44 to $0.47, FY12 down from $0.95 to $0.93.

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 $46.63 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Cummins (CMI) PT Lowered to $675 at Jefferies
• Clear Street Reiterates Buy Rating on Anterix Inc. (ATEX)
• Beike (BEKE) PT Raised to $23 at Morgan Stanley