3D Systems (DDD) PT Lowered to $3.75 at Cantor Fitzgerald

Cantor Fitzgerald analyst Troy Jensen lowered the price target on 3D Systems (NYSE: DDD) to $3.75 (from $5.50) while maintaining a Overweight rating.

The analyst commented: "As largely expected, 3D Systems filed its delayed Forms 10-Q for the quarters ending March 31, and June 30, 2024. For 1H24, consolidated revenue declined 13% y/y on lower printer sales, partially offset by growth in services with flat materials sales. Healthcare 1H revenues were down 14% y/y on lower hardware revenue partially offset by growth in materials and services, largely in dental. Industrial 1H revenue fell 13% on weaker hardware and materials revenue, partially offset by growth in services. In Industrial, 3D Systems saw growth in aerospace & defense and semiconductors in 1H24, and the pipeline in those end markets remains healthy. We reiterate our Overweight investment rating and lower our 12- month price target to $3.75 from $5.50 mainly on multiple compression."

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