Bullish Thesis on ExOne (XONE) Well Intact after RAPID 3D Industry Conference - FBR

June 13, 2013 10:57 AM EDT
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Price: $10.55 --0%

Rating Summary:
    4 Buy, 7 Hold, 2 Sell

Rating Trend: Up Up

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FBR Capital analyst Ajay Kejriwal reiterated a Outperform rating and $50 price target on The ExOne Company (NASDAQ: XONE) following the RAPID 3D printing industry conference and ExONE's analyst meeting held in conjunction with the conference. The firm also met with several 3D technology companies, service bureaus, application developers, and users participating at the conference, including Stratasys, EOS, Arcam, SLM Solutions, Concept Laser, Renishaw, and GE.

Key takeaways from FBR included:

(1) positive commentary from several participants with regard to demand trends, with expectations of 25%-30% growth in overall 3D industry printer sales;

(2) a high degree of enthusiasm with regard to metal 3D printing, with chatter around acquisition interest from the larger players in the space (the acquisition announcement by 3D Systems yesterday of Riom, France-based Phenix Systems is indicative of the high interest, and we would not be surprised to see Stratasys follow up with a deal in the space; candidates include Arcam, Concept Laser, and SLM, in our view);

(3) increasing interest in the aerospace, dental, and orthopedic implant markets as new application developments help drive user demand.

"With regard to ExOne, management provided a positive update on the progress of its key initiatives, including the opening up of new PSCs, material development, and progress with its new M-flex platform," the analyst said. "Commentary suggests ExOne has received several inquiries for the M-Flex at both RAPID and the industry event in Brazil last week, and management expects to convert several of these leads into orders. The rollout of the PSC network also appears largely on track."

For an analyst ratings summary and ratings history on The ExOne Company click here. For more ratings news on The ExOne Company click here.

Shares of The ExOne Company closed at $48.97 yesterday.

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