Wunderlich Securities Sees Library Expansion Supporting Growth Projections For Shutterstock

In a report published Thursday, Wunderlich Securities analyst Blake T. Harper reiterated a Buy rating and $92.00 price target on Shutterstock (NYSE: SSTK).

In the report, Wunderlich Securities noted, “Shutterstock, Inc. (SSTK) has added 2 million images to its library halfway through Q2, which compares to our estimate for the company to add 3 million for the full quarter. Given the correlation between the images in the collection and the number of paid downloads, we believe the company is tracking above our estimate to increase its paid downloads by 1.1 million to 32.6 million total for the quarter. The company has also added over 0.1 million videos to its collection in the first half of the quarter, compared to our estimate to add 0.2 million for the full quarter. We believe the company is executing well and attracting more contributors and marketers to the marketplace. We reiterate our Buy rating and $92 price target.”

Shutterstock closed on Wednesday at $75.60.