UPDATE: Citi Upgrades Stratasys Inc. (SSYS) to Buy
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(Updated - August 10, 2017 7:49 AM EDT)
(updated to add analyst comment)
Citi upgraded Stratasys Inc. (NASDAQ: SSYS) from Neutral to Buy with a price target of $29.00 (from $32.00).
Analyst Ken Wong says the outlook for the company appears conservative and believes the firm can achieve targets. The analyst says shares are trading at a discount and lists three reasons he is positive:
- Targets are achievable - After a strong Q2, we believe management’s reiterated FY17 targets ($645-680M, 3-5%, $0.19-0.37, operating margins of 3-5%) are well within reach.
- Sector sentiment is low (while 3D market trends are improving) and SSYS
continues to trade at a discount to peers (CY19 EBITDA: 10x vs. 14x / Sales:
1.3x vs. 2-2.5x).
- Large install base and higher mix of high margin consumables revenue relative to peers (low-30% vs. high-20%) provides near term cushion and LT leverage.
Shares of Stratasys Inc. closed at $22.29 yesterday.
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