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Aegis tracker suggests Shutterfly set to beat estimates

Published 12/23/2016, 05:48 PM
Aegis tracker suggests Shutterfly set to beat estimates
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  • Shutterfly (SFLY -0.6%) is set to exceed consensus for Q4, says Aegis Capital, after its final tracker for the quarter showed a "largely less promotional" environment.
  • Consistent with last year, the company's core brand has a 50% sitewide discount, and Shutterfly's Tiny Prints has a 40% markdown (consistent with last week but up from last year's 25%).
  • Other brands with consistent discounts W/W: MyPublisher, at 60% (lower than last year's 70%) and Minted at 20% off holiday cards (vs. last year's 15%).
  • Meanwhile, Snapfish is at 50% off sitewide and Zazzle at 20% sitewide, both consistent with last year.
  • Shutterfly has maintained top rankings for paid search and natural search, and iOS downloads, monthly average users and daily average users rose during each month in the quarter.
  • The firm has a Buy rating and price target of $62, implying 25% upside.


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