UBS Cuts Price Target on Stratasys (SSYS) to $16 Following 3Q Report

November 16, 2016 9:30 AM EST
Get Alerts SSYS Hot Sheet
Price: $19.76 -0.6%

Rating Summary:
    11 Buy, 15 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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UBS maintained a Sell rating on Stratasys Inc. (NASDAQ: SSYS), and cut the price target to $16.00 (from $19.00), following the company's 3Q earnings report. SSYS reported revenues of $157mn, missing the Street's $174mn estimate. The outlook remains soft, with 2016 revenue now expected to be $662-673mn vs $700-730mn previously, and non-GAAP EPS of $0.13-0.21, vs $0.17-0.43.

Analyst Steven Milunovich commented, "Revenue of $157mn was light of the Street's $174mn due to continued weak demand. Improvements in both gross and operating margin driven by cost cuts were positive, but it remains unclear if or when demand will return. The guide for 2016 is revised down to the low end of the range, and the newly announced systems in August remain distant from a revenue perspective. Although we expect demand could stabilize next year, we remain concerned that Stratasys may not be a winner as additive manufacturing expands into production. Additionally, we think 3D Systems could be aggressively placing material jetting units, further pressuring demand."

For an analyst ratings summary and ratings history on Stratasys Inc. click here. For more ratings news on Stratasys Inc. click here.

Shares of Stratasys Inc. closed at $17.95 yesterday.

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