Goldman Sachs downgrades Shutterfly with 13% downside

|By:, SA News Editor

Goldman Sachs downgrades Shutterfly (NASDAQ:SFLY) from Neutral to Sell with a $46 price target, which is nearly 13% below yesterday’s closing price.  

Analyst Chris Merwin says recent rally has more than priced in tax reform benefits and consumer revenue stabilization.

Shutterfly shares are up 0.1% premarket to $52.65.  

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