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Fly News Breaks for February 4, 2019
SFLY
Feb 4, 2019 | 06:06 EDT
Goldman Sachs analyst Michael Ng started Shutterfly with a Sell rating and $40 price target. The analyst sees execution risk, particularly around the company's core paper-based products, and points out that 2020 consensus expectations are already at Shutterfly's EBITDA target of $450M. Ng sees an unfavorable risk/reward profile for the shares amid the "declining relevancy" of Shutterfly's core paper-based products and increasing competition.
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