Jefferies Raises PT On SFLY To $65

Jefferies, sighting a strong outlook going forward, has raised its price target from $63 to $65 on Shutterfly SFLY. In the report, Jefferies states, “We're reiterating our Buy on SFLY and raising our PT to $65 from $63 to reflect a) strong growth momentum and raised FY11 outlook, b) potential upside from upsell/cross-sell from TP acquition and c) margin expansion. While 3Q outlook is below consensus ests, we do not see it as a cause for alarm, given TP's seasonality and mgt's conservatism.” Jefferies maintains its Buy rating on the stock. SFLY closed at $58.13 yesterday.