FBR Trims PT on Stratasys (SSYS) to $24; Q3 Tough, But GM Improvement Noted
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FBR & Co. trims its price target on Outperform-rated Stratasys (Nasdaq: SSYS) from $29 down to $24 following recent Q3 results and lowered outlook.
The firm commented today:
SSYS shares closed down 12% on November 15 after the company reported results below the consensus, largely due to a lackluster market demand environment that we believe was felt by other additive companies, as well. Because the company's sizable install base continues to deliver benefits (larger consumables and maintenance revenues), we believe that slack in demand is somewhat muted. Moreover, an uptick could bolster the financials significantly given management's thorough cost-cutting efforts executed in the last few quarters. In the quarter, the non-GAAP gross margin was 54%, up from 51% one year ago; this helps support the case for an improved cost structure. Overall, we believe that SSYS continues to have a defensible position in the face of growing competition across the additive spectrum, and the recent spate of M&A actions by larger industrial players could provide a long-term valuation tailwind.
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