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Fly News Breaks for April 21, 2015
SFLY
Apr 21, 2015 | 14:16 EDT
After Snapfish was acquired by District Photo, Cantor says that the deal is unlikely to have a material impact on Shutterfly. The firm says that Snapfish is considerably smaller than Shutterfly, and has underinvested in itself over the years, while District Photo is unlikely to continue Snapfish's tradition of steep discounting. The firm does believe, however, that the deal reduces the chances of Shutterfly being acquired by private equity firms. Cantor keeps a $58 price target and Buy rating on the shares.
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