Raymond James analyst Aaron Kessler upgraded Shutterfly to Outperform from Market Perform with a $56 price target, citing stable Consumer segment growth trends and his expectation for improved consumer growth throughout 2019, as well as "very achievable" 2021 EBITDA guidance of $400M-$450M with modest organic growth assumptions and modest Lifetouch synergies baked in. Additionally, Kessler says he believes valuation is attractive and that the company's ongoing strategic review could serve as a catalyst, with Bloomberg recently reporting interest from private equity firms.