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Shutterfly (NASDAQ:SFLY) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a research note issued on Friday. The firm currently has a $61.00 price target on the stock. Zacks‘s price target indicates a potential upside of 20.74% from the stock’s previous close.

Zacks’ analyst wrote, “We upgrade our recommendation on Shutterfly Inc. from Neutral to Outperform driven by improved second-quarter 2014 results and revised guidance for 2014. Shutterfly’s second-quarter 2014 loss per share of $0.63 was narrower than the Zacks Consensus Estimate owing to a better-than-expected top line. Net revenue increased 19.2% year over year and beat the Zacks Consensus Estimate by approximately 1.3%, driven by the strong performance of the Consumer and Enterprise segments. We are encouraged by the company’s opportunistic acquisitions and improved offerings in the growing mobile e-Commerce segment. Management also expects personalized print products to continue to do well, driven largely by aggressive promotions, affordable prices and simplicity of usage. However, the company’s bottom line is expected to be negatively impacted by the termination of the Costco partnership. Also, depreciation and equipment costs for expansion and acquisition of manufacturing facilities are expected to affect profitability in 2014.”

Shutterfly (NASDAQ:SFLY) traded up 0.32% on Friday, hitting $50.68. 480,515 shares of the company’s stock traded hands. Shutterfly has a 52 week low of $36.30 and a 52 week high of $58.83. The stock’s 50-day moving average is $48.18 and its 200-day moving average is $44.95. The company’s market cap is $1.951 billion. Shutterfly also was the recipient of unusually large options trading on Wednesday. Stock investors bought 6,421 call options on the company. This is an increase of 597% compared to the typical volume of 921 call options.

Shutterfly (NASDAQ:SFLY) last posted its quarterly earnings results on Wednesday, July 30th. The company reported ($0.70) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.74) by $0.04. The company had revenue of $159.10 million for the quarter, compared to the consensus estimate of $156.95 million. During the same quarter last year, the company posted ($0.31) earnings per share. Shutterfly’s revenue was up 19.2% compared to the same quarter last year. On average, analysts predict that Shutterfly will post $-0.17 earnings per share for the current fiscal year.

Shutterfly, Inc is an Internet-based social expression and personal publishing service that enables consumers to share, print and preserve their memories its technology, manufacturing, Web-design and merchandising capabilities.

To view Zacks’ full report, visit Zacks’ official website.

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