Stratasys (SYSS) PT Cut to $30 at Cowen

Cowen analyst Robert Stone reiterated a Market Perform rating and lowered his price target on Stratasys Inc. (NASDAQ: SSYS) to $30.00 (from $40.00) following Q2 results, weak Q3 sales guidance and withdrawn full year guidance.

Stone commented, "Q2:15 revenue and adjusted EPS (aided by a tax benefit) were in line. However, Q3 sales guidance is flat Q/Q (16% below St.) and full-year guidance was pulled on low visibility. Lead conversion rates have dropped and sales cycles extended. Continued investment in L-T growth plans leaves expenses little changed, compressing margins, hence we are sharply cutting estimates; PT to $30 (vs. $40)."

The firm cut 2015-18E EPS to 48c, $1.10, $1.65, and $2.15 (vs. prior $1.25, $1.70, $2.20, and $2.80), on sales of ~$730MM, $850MM, $1.0B, and $1.17B (vs. $811MM, $950MM, $1.1B, and $1.28B).

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 $36.49 yesterday.

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