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Fly News Breaks for February 2, 2017
SFLY
Feb 2, 2017 | 08:45 EDT
As previously reported, Needham analyst Kerry Rice downgraded Shutterfly to Hold from Buy as 2017 revenue growth decelerates and EBITDA is below expectations. With efforts to simplify purchasing and broaden its Consumer products and categories, continue its pivot toward mobile, and leverage its manufacturing platform, the analyst says Shutterfly could emerge from its 2017 transition year and be ready for revenue growth re-acceleration in 2018. However, the analyst believes the execution risk is high and would prefer to move to the sidelines until the positive impact of these strategic initiatives are more visible.
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