Jefferies on Shutterstock (SSTK)
Jefferies reiterated a Buy rating on Shutterstock (NYSE: SSTK) and raised its price target to $32.00 (from $30.00).
Commenting on Shutterstock's quarterly earnings, analyst Brian Fitzgerald said, "SSTK had a solid earnings beat on its first public quarter results on better-than-expected revenue, as well as marketing spend yield, which lead to improved EBITDA margins. Mgmt also guided better than expected for 4Q12 and FY13."
Fitzgerald noted that paid downloads were up 26 percent year-over-year, showing the continued market share gain by images, vs. the industry as a whole.
For an analyst ratings summary and ratings history on Shutterstock click here. For more ratings news on Shutterstock click here.
Shares of Shutterstock closed at $21.79 yesterday, with a 52 week range of $21.00-$25.22.
Commenting on Shutterstock's quarterly earnings, analyst Brian Fitzgerald said, "SSTK had a solid earnings beat on its first public quarter results on better-than-expected revenue, as well as marketing spend yield, which lead to improved EBITDA margins. Mgmt also guided better than expected for 4Q12 and FY13."
Fitzgerald noted that paid downloads were up 26 percent year-over-year, showing the continued market share gain by images, vs. the industry as a whole.
For an analyst ratings summary and ratings history on Shutterstock click here. For more ratings news on Shutterstock click here.
Shares of Shutterstock closed at $21.79 yesterday, with a 52 week range of $21.00-$25.22.