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Shutterfly downgraded to underperform by Cowen

Shutterfly, Inc. (NASDAQ:SFLY) shares are in the negative territory in early trading as a result of a downgraded by the financial services firm the Cowen Group. The online photo design provider was downgraded to underperform from outperform. Cowen believes that Shutterfly’s recent slowdown is likely to persist onto 2014. According to Cowen, Shutterfly is suffering from weak performance in their mobile operations, increased competition, and pricing pressures. As a result, the price target was slashed from $56 a share to $39 a share. If mobile continues to decline, Shutterfly is unlikely to recover.