Piper Jaffray Cuts PT on Voxeljet (VJET) to $5.70 Following Q2 Results
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Piper Jaffray trims its price target on Overweight-rated Voxeljet AG (NYSE: VJET) from $7.30 to $5.70.
The firm commented:
Voxeljet reported discouraging Q2 results with revenues, margins and EPS all falling below Street expectations, as well as lowered FY16 revenue expectations. Sales in the second quarter were affected by a push out in system orders from key customers within Oil & Gas and Energy industries. While disappointed in the company’s results, we are not entirely surprised given the industry wide slowdown for printer sales. That said, we continue to remain positive on the company’s 12 month outlook, and upbeat on the pipeline for new products. While we expect the rest of 2016 to be challenging, we believe as macro conditions improve the company will see healthy demand return. With shares trading off ~10%, we view the pullback as a good value buying opportunity.
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