Noting that Shutterfly shares were down about 4% intra-day, Baird analyst Colin Sebastian attributed the weakness as likely being due to concerns around more intense competition after competitor Minted announced the closing of a $208M round of financing. In its funding press release, Minted said it will use the funds to further develop its wholesale and design licensing businesses, added Sebastian, who called that business more tangential to Shutterfly's consumer offering. However, he also thinks the company's focus on customer acquisition suggests a more aggressive promotional strategy could be pursued in Minted's direct-to-consumer business too. Sebastian keeps a Neutral rating and $55 price target on Shutterfly shares.