Cantor Fitzgerald Remains Bullish on Shutterstock (SSTK) Following Adobe (ADBE) Stock Photo Launch
Cantor Fitzgerald reiterates a Buy rating and $100 price target on Shutterstock (NYSE: SSTK) following Adobe's (NASDAQ: ADBE) stock photo launch. Analyst Youssef Squali says that risks from the launch look overblown.
Youssef commented, "We find Adobe's launch of its much anticipated stock imagery offering to be largely in line with our expectations with the price points generally comparable to Shutterstock's. While it's too early to gauge the full impact of this launch, Adobe's entry certainly increases competition for all players, that said, we do not expect to see a significant impact on Shutterstock given that a) Adobe's pricing is not disruptive to Shutterstock (as some may have feared) and b) Shutterstock has a superior stand-alone solution for imagery, in our view. A secular shift to digital stock imagery/content, a differentiated offering, and large addressable market keep us constructive on SSTK. We're maintaining our BUY rating/$100PT."
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Shares of Shutterstock closed at $60.12 yesterday.