Fly News Breaks for February 6, 2019
SFLY
Feb 6, 2019 | 10:25 EDT
Aegis analyst Victor Anthony said Shutterfly had an "eventful" evening yesterday, as the company reported revenue and adjusted EBITDA that missed his estimates, gave guidance that also missed his and consensus estimates, pushed out its synergy targets, announced the departure of its CEO and announced it had been approached about a potential acquisition and is exploring alternatives. Anthony, who notes that he previously highlighted Shutterfly as a potential acquisition target or the target of activist investors, believes that "the best bet for investors is to hang onto the shares in anticipation of an acquirer stepping in." A financial buyer could pay $60 per share, while a strategic acquirer could pay $70 per share, believes Anthony, who has a Buy rating and $55 price target on Shutterfly shares.
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