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Barclays Maintains an 'Overweight' on Shutterfly (SFLY); Cutting Numbers as Guidance Reflects Growing Competition

February 2, 2012 2:44 PM EST
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Price: $50.97 --0%

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    4 Buy, 13 Hold, 1 Sell

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Barclays maintains an 'Overweight' on Shutterfly Inc. (NASDAQ: SFLY), but price target chopped from $64 to $40.

Analyst, Mark May, said, "SFLY reported 4Q11 results that while at the high end of the pre-announced range, were still below previous expectations and reflected AOV pressure for the Shutterfly brand, slower-than-expected customer growth at TinyPrints, and slightly lower gross and operating margins...While growth has slowed, margins are taking a hit, and the environment remains somewhat uncertain, we're maintaining our OW rating down here."

May suggests year-over-year organic growth was good (21% vs 24% in the prior qtr), however, mgmt's guidance was below estimates. Therefore, May cut FY12 EPS estimate from $1.51 to $1.12.

Shares are currently trading at $26.00, up $0.88 (+3.50%)

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 $25.12 yesterday.


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