Shutterstock price target lowered to $70 from $85 at Truist

Truist lowered the firm’s price target on Shutterstock to $70 from $85 but keeps a Buy rating on the shares. The company’s Q4 results saw accelerating Enterprise growth offset by weaker e-Commerce sales, though the management expect to see this normalize and return to growth in the second half of 2024, the analyst tells investors in a research note. Traction with newer initiatives, including smaller data buyers, Studios and Giphy, should position Shutterstock for faster growth in FY25 and beyond, the firm added.