Redburn Atlantic lowered the firm’s price target on Shutterstock to $64 from $84 and keeps a Buy rating on the shares. The slowdown in sales of Getty and Shutterstock shows a strong correlation to the advertising sales of the top digital advertising companies, the analyst tells investors in a research note. However, the already inflecting digital advertising market should induce a gradual recovery in 2024, which is not reflected in Shutterstock shares, which are trading at a 10% 2024 free cash flow yield, says the firm.
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