Shutterfly Jumps on Janney Upgrade
Shutterfly (SFLY) shares are sharply higher this morning after Janney Capital Markets analyst Shawn Milne raised his rating on the online photo services company to Buy from Neutral, with a new target of $21, up from $18. Milne lifted his 2010 EPS forecast to 57 cents, from 50 cents.
The key driver of all that: rival Kodak (EK) is raising priced on 4×6 inch prints to 15 cents from 9 cents, after having cut prices in October. The move “reduced pricing overhand in a competitive space,” the analyst writes in a research note.
