As previously reported, Axiom upgraded Shutterfly (SFLY) to Buy from Hol with a $52 price target. Analyst Victor Anthony said shares have been punished following the launch of Amazon Prints in late September. He believes the near-term impact from Amazon's service on Shutterfly's revenues and profits, particularly for the critical 4Q holiday season, should be muted. Anthony said Shutterfly reported solid Q3 results with the core brand growing in the double-digits and gross margins at both the Consumer and Enterprise business expanded. He views shares as very "cheap" given its leadership position, capital returns, and growing cash flow.