Jefferies Reports Better Than Expected 1Q11 For Shutterfly

In a report published by Jefferies, Shutterfly (NASDAQ: SFLY) saw better than expected 1Q11 results.

Jefferies said that core is growing materially faster than competitors/ecommerce and the Tiny print acquisition will help accelerate that trend. “We're raising our PT to $63 and maintaining a Buy rating on the shares. ”

Shutterfly closed yesterday at $55.00.