Former Head of HP's Printing Business is New 3D Systems (DDD) CEO - Needham & Company

Needham & Company analyst, James Ricchiuti, provided color to the announcement of a key hire for 3D Systems. No change to Buy rating but the PT goes to $17 from $16 on a higher multiple.

DDD has named Vyomesh (VJ) Joshi as president and CEO. Joshi, a veteran of over 30 yrs with HP, headed its $26B printing business for 11 years until his departure in 2012. Joshi oversaw one of HP’s more important earnings engines until profits in the printing business began to falter toward the end of his tenure. He was at HP when the company partnered with Stratasys in 2011 to distribute a 3D printer to the 3D mechanical CAD market, which suggests more than a passing familiarity with the market.

Joshi’s appointment as CEO comes at a crucial time for DDD as it focuses on the core industrial 3D printing market at the same time that mgmt. works to restore stronger profitability to the business. The tone of demand across much of the industry improved in Q4, as evidenced by the strong sequential growth registered by eight of the publicly traded 3D printing companies, including the two leaders in thermoplastic 3D printing, DDD and SSYS.

For an analyst ratings summary and ratings history on 3D Systems click here. For more ratings news on 3D Systems click here.

Shares of 3D Systems closed at $15.82 yesterday.

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