Shutterfly shares climb over 3 percent on upgrade

AP News
Posted: Dec 10, 2009 4:51 PM

Shares of online photo services company Shutterfly Inc. climbed 3.4 percent Thursday after a Janney Montgomery Scott analyst upgraded the stock to "Buy" from "Neutral."

In a research note, analyst Shawn Milne said the upgrade reflects several factors, including a price increase by rival Kodak, a focus on personalized photo products such as photo books and photo strips, commercial business segment growth and improving e-commerce volumes.

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Shutterfly's shares rose 56 cents to close at $17.12 Thursday.