Piper Jaffray Maintains Neutral on Shutterfly (SFLY)

Piper Jaffray is out with its report today on Shutterfly (NASDAQ: SFLY), maintaining Neutral.

In a note to clients, Piper Jaffray writes, "After market close on 3/21 Shutterfly announced a deal to acquire Tiny Prints Inc. for $333m. The Tiny Prints assets included in the deal are tinyprints.com and weddingpaperdivas.com. We believe this acquisition would effectively expand Shutterfly's user base and grow its personalized products business to include new categories. We note that Shutterfly also raised its Q1 revenue guidance (but does not include any Tiny Prints revenue). We are maintaining our $40 target based on 27x CY12E PF EPS of $1.50. We are maintaining our Neutral rating."

At the time of posting, shares of SFLY were trading pre-market at $43.01, down 0.05% from Monday's close.