Piper Jaffray Raises PT on Shutterfly to $40 (SFLY)

Piper Jaffray is out with its report today on Shutterfly SFLY, raising its price target from $26 to $40. In its note to clients, Piper Jaffray writes, "Shutterfly reported a solid quarter with revenue of $166.2m, which was above the Street at $154.4m. GAAP EPS was $1.09 vs. Street consensus of $0.95. Personalized Products revenue of $123.8m was 74% of total revenue (vs. 71% in Q4'09); this compared to the Street at $117m. The segment grew 33% y/y in Q4'10 up from 29% y/y growth in last year's Q4. We are raising our target from $26 to $40 based on an unchanged multiple of 27x EPS, but we are rolling forward to CY12E PF EPS of $1.50. We are maintaining our Neutral rating." Shares of SFLY closed Wednesday at $34.31, up 0.88% from Tuesday's close.