Список проголосовавших за комментарий " <table class="BriefingDataTable" border="0" cellspacing="0" cellpadding="0"><tr> <td class="tickerColumn"> </td> <td class="articleColumn">Shutterfly downgraded to Hold at Needham as FY17 represents a transition year (51.77)Needham downgrades SFLY to Hold from Buy as FY17 revenue growth decelerates and EBITDA is below expectations. Firm ests flat FY17 Consumer rev with the core Shutterfly brand being offset by rev declines in TinyPrints, WeddingPaperDivas, and MyPublisher as these brands are deemphasized. With efforts to simplify purchasing and broaden its Consumer products and categories, continue its pivot towards mobile, and leverage its manufacturing platform, Shutterfly could emerge from its FY17 transition year and be ready for revenue growth re-acceleration in FY18. Cost cutting efforts and lower marketing spend could lead to margin expansion. However, <strong>they believe the execution risk is high and would prefer to move to the sidelines until the positive impact of these strategic initiatives are more visible.</strong></td> </tr></table>"