Piper Jaffray Cuts Price Target on Materialise NV (MTLS) Following Mixed 2Q
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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.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings, Troy Jensen
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