Needham & Company Assumes Shutterstock (SSTK) at Buy
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Needham & Company analyst Chris Pierce assumes coverage on Shutterstock (NYSE: SSTK) with a Buy rating and a price target of $95.00.
The analyst commented, "We raise our estimates and price target on SSTK on the heels of another positive EBTIDA surprise, with this report bringing more notable revenue upside and the company laying out a path to maintain revenue momentum. Post a strong close to '20, we expect recent TAM and moat expanding acquisitions to support an acceleration of revenue growth post more modest growth in '19 & '20, and the earlier-than-expected inflection in Enterprise could point to conservative guidance and improving execution. We remain bullish and reiterate our Buy rating."
Shares of Shutterstock closed at $85.35 yesterday.
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