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3D printing names Stratasys Inc. (NASDAQ: SSYS) and 3D Systems (NYSE: DDD) are down 2.5% and 3.8%, respectively, following a cautious note from Piper Jaffray's Troy Jensen following the firm's Q3 3D Printing Survey.
Jensen sees challenging demand in Q3 and said the survey "had the lowest percentage of above plan responses in the history of us conducting this survey."
The shortfall is being driven by the sustained weakness in the prototyping industry, increased competition, as well as macro headwinds, he said.
Jensen said the results were "extremely discouraging" for both Stratasys and 3D Systems, and both companies' survey results down ticked off Q2 historical lows.
Amid the survey results the firm would be cautious on the group heading into the Q3 print.
Despite the negative tone of the report, the firm sees limited downside SSYS give its low valuation and reiterated a Neutral and price target of $23. Due to DDD's internal issues and premium valuation they see more downside and reiterated an Underweight rating and $10.50 price target.
Shares of Stratasys Inc. closed at $22.00 yesterday.
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