Morgan Keegan Raises Shutterfly Price Target To $50

In a report published by Morgan Keegan, Tiny Prints is very much a complementary acquisition for Shutterfly SFLY, with opportunities to cross sell into both companies' customer bases (~5M in aggregate) and improve margins. Morgan Keegan said that it's raising its price target to $50. “SFLY trades at 12x '12E non-GAAP EBITDA. We continue to find shares attractive at these levels.” Shutterfly closed yesterday at $43.03.