Piper Jaffray Cuts Price Target on Materialise NV (MTLS) Following Mixed 2Q
- Wall Street rises, buoyed by economic data; Dow sets high
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Amazon (AMZN) Could Open Over 2,000 Brick-and Mortar Groceries if Tests Succeed - DJ; Kroger (KR) on Watch
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- After-Hours Stock Movers 12/05: (TXMD) (COUP) (BOBE) Higher; (SB) (LXRX) (STWD) Lower (more...)
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Piper Jaffray maintained an Overweight rating on Materialise NV (NASDAQ: MTLS), and cut the price target to $8.50 (from $9.00), following the company's 2Q earnings report. Revenues grew 11.4% Y/Y to €27.6M, which was roughly €0.9M below the Street at €28.5M. Pro Forma EPS of (€0.01) was in-line with Street expectations.
Analyst Troy Jensen commented, "Materialise reported mixed June quarter results with revenues falling below consensus expectations, but the company remains confident on the full year and reiterated FY16 guidance. Sales in Q2 were affected by lower than expected 3D software sales due to an industry slowdown in printer sales. While we expect 3D printing sales to continue to lag as the industry waits for new technologies to come to market (HP), we expect 3D software sales to accelerate once these new machines are available. We were encouraged to hear the company has added HP to their list of strategic OEM partners, and we believe this partnership can represent a material revenue driver. In light of these results, we are taking a conservative approach and lowering our FY16 estimates due to current industry headwinds, but we continue to like the risk/reward on MTLS shares and are reiterating our Overweight rating."
Shares of Materialise NV closed at $6.85 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
- Drexel Hamilton Raises Price Target on Workday (WDAY) Following 3Q Beat
- Jefferies Raises Price Target on Parker-Hannifin (PH) Ahead of Acquisition Close
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings, Troy Jensen
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!