Needham & Company Reiterates Buy Following Shutterfly's (SFLY) Announced CEO Appointment

Needham & Company reiterated a Buy rating and $50.00 price target on Shutterfly Inc. (NASDAQ: SFLY) following the company's announced appointment of Christopher North as President and CEO effective May 31, 2016. Mr. North has 10 years of experience at Amazon (AMZN - HOLD), most recently, as Amazon's United Kingdom's Country Manager. Needham also believes that the relatively lower compensation levels of the new CEO compared to the former CEO could add incremental EBITDA margin.

Analyst Kerry Rice commented, "Shutterfly announced the appointment of Christopher North as President and CEO effective May 31, 2016. We are encouraged by the Board’s selection given Mr. North’s background as Amazon’s United Kingdom Country Manager, which indicates his ability to lead a scale consumer e-commerce company, in our opinion. We also believe that the relatively lower compensation levels of the new CEO compared to the former CEO could add incremental EBITDA margin. Further, with a less onerous compensation package, we believe Shutterfly could remain an acquisition target."

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 $46.81 yesterday.

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