Shutterfly's PT Raised To $37, Earnings Call On Wednesday 2/2

jefferies & Company has published a research report on Shutterfly, Inc. SFLY in anticipation of the company's 4Q earnings results expected Wednesday, February 2. In the report, Jefferies writes "We're tweaking our estimates/PT higher to a) reflect expectations for a solid 4Q given positive read-across from e-commerce names, particularly Vistaprint (VPRT, Buy) and b) prospects for faster Y/Y growth in FY11 as an improving economy spurs further growth in consumer discretionary spending. We're raising our 4Q estimates to $155M in revenues (+18% Y/Y) and $0.98 in EPS, up from $151.2M and $0.91, previously. Consensus stands at $154M and $0.94, respectively (mgt's 4Q guidance is for $148.5-153.5M in revenue and $0.86-0.92 in EPS.) For FY11, we now expect $364M in revenue and $0.77 in EPS vs. $360M and $0.66, previously. Consensus stands at $342M and $0.67, respectively." Jefferies maintains its Buy rating and has raised the price target from $35 to $37. Shutterfly, Inc. closed Friday at $32.81.