UPDATE: Stratasys Inc. (SSYS) PT Lowered to $25 at JPMorgan, Remains Underweight

JPMorgan analyst Paul Coster lowered the price target on Stratasys Inc. (NASDAQ: SSYS) to $25.00 (from $30.00) while maintaining a Underweight rating.

The analyst comments "SSYS is trading at 149x our CY22 PF EPS forecast, which is a significant premium to the three year mean P/E trading range of ~90x. On an EV/CY 2022E EBITDA basis, the stock is trading at 29x, also a hefty premium to the historical range, though based on depressed margin levels on component shortages/freight costs. On slightly more normalized margins on a 2023 basis, the stock is trading at 19x EBITDA, 70x EPS, and 1.5x Sales, more in line with 3-year averages. We are incrementally constructive on the rebound on top line, broadening of use cases and expansion of TAM, though we need to see margins and CFO come back before getting on board. We expect SSYS to underperform the mean of our coverage over the next 6-12 months."

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