Needham & Company Downgrades Proto Labs (PRLB) to Hold

Needham & Company downgraded Proto Labs (NYSE: PRLB) from Buy to Hold, saying upside to estimates appear limited.

Analyst James Ricchiuti commented, "We are lowering our rating on PRLB to Hold from Buy. PRLB shares are up 21% over the last three months (vs up ~3% for the S&P 500) and are now just shy of our target price. While we remain comfortable with our Q1 estimate, we believe the market may be pricing in upside to Street expectations for 2015. Given currency headwinds, particularly PRLB's Fx exposure in Europe (22% of Q4 rev), we believe upside to numbers could be more challenging in the current economic environment. As such, we believe it could be difficult for the stock to move higher in the near term, particularly given current valuation levels."

For an analyst ratings summary and ratings history on Proto Labs click here. For more ratings news on Proto Labs click here.

Shares of Proto Labs closed at $76.66 yesterday.

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