FBR Capital Assumes 3D Systems (DDD) at Market Perform
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FBR Capital assumes coverage on 3D Systems (NYSE: DDD) with a Market Perform rating and a price target of $18.00.
New analyst Christopher Van Horn commented, " As the additive manufacturing sector's second-largest player, and with exposure to diverse technologies within the sector, 3D Systems, we think, stands to gain from industry growth. However, we find the immediate story one of transition, relative to the valuation. Diversification brings with it exposure to accelerating innovation amongst smaller competitors across the additive spectrum. What is more:Diversification, in this case, precludes a “best in class” title; specialists like Stratasys earn this, in our view. As the company expands into metals, which are an essential growth angle for the industry as a whole, we could see this change; but, with general adoption trends slow, the near term appears bumpy. Finally, management has been highly cautious about providing any financial guidance, and we believe that this remains a further near-term overhang on what is otherwise a well-diversified company with a bright long-term future."
Shares of 3D Systems closed at $17.95 yesterday.
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