3D Systems (DDD) PT Slashed to $44 at Needham & Company; 'Buy' Maintained
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Rating Summary:
8 Buy, 18 Hold, 6 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 11
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Needham & Company analyst James Ricchiuti slashed his price target on 3D Systems (NYSE: DDD) to $65 from $44 following the company's negative preannouncement but maintained a Buy rating on the stock.
Ricchiuti commented, "Investor sentiment, to state the obvious, has turned decidedly bearish on DDD, reflecting concerns about organic growth and operating leverage in the model, following a series of disappointing quarters, including today's startling Q3 preannouncement. That said, we still regard DDD as one of the leading industry players and a unique franchise in 3D printing/additive manufacturing, a market that is still widely expected to grow in excess of 25% over the next several years. We believe mgmt. is capable of executing on its growth strategy over the next year, although restoring investor confidence is likely to take some time. We are maintaining our Buy on the stock for growth-oriented investors looking for exposure in the additive manufacturing market."
The firm lowered FY 2014 EPS from $0.75 to $0.70 and FY 2015 EPS from $1.23 to $1.16.
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 $43.38 yesterday.
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