We are upgrading our recommendation on the shares of Shutterfly (SFLY) to Outperform. Increased usage of digital cameras combined with accessibility of high-speed internet provides significant expansion potential for the company. Product innovation, strategic partnerships with retailers and opportunistic acquisitions also augur well. We believe Shutterfly’s focus on developing a successful commercial printing business aided by [...] (SFLY) Shutterfly Incorporated – Bull of the Day