Shapeways Holdings Inc. (SHPW) PT Lowered to $1.75 at Needham & Company

Needham & Company analyst James Ricchiuti lowered the price target on Shapeways Holdings Inc. (NYSE: SHPW) to $1.75 (from $3.00) while maintaining a Buy rating.

The analyst commented, "Q3’22 adj. EBITDA was better than expected, with revenues coming in at the midpoint of guidance. Gross margins were solidly above our estimate, while operating expense was again higher-than-expected, owing to investments tied to additive manufacturing and software growth initiatives, as well as restructuring. SHPW expects similar gross margin and op-ex levels in Q4, with revenues expected to be up 3%-8% q/o/q, in line with consensus at the upper end the range. Cash burn was $3.5MM in Q3 and is expected to be higher in Q4 as SHPW completes the transfer of its U.S. manufacturing from NY to a lower-cost facility in Michigan. Mgmt expects SHPW's current cash position to be sufficient to execute on its strategic plan to transform Shapeways and drive higher-margin enterprise-level revenue, including software, over the next 1-2 years."

You May Also Be Interested In

• Coherent (COHR) PT Raised to $420 at Needham
• LG Electronics India (LGEL:IN) PT Raised to INR1,815 at ICICI Securities
• Travel Food Services (TRAVELFO:IN) PT Raised to INR1,600 at ICICI Securities