3D Systems (DDD) PT Raised to $16 at BofA Securities on Dental Printing Upside

May 12, 2021 7:51 AM EDT
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Price: $29.15 -1.15%

Rating Summary:
    7 Buy, 19 Hold, 5 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 17 | Down: 5 | New: 36
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BofA Securities analyst Wamsi Mohan raised the price target on 3D Systems (NYSE: DDD) to $16.00 (from $14.00) after the company reported 1Q revs of $146.1mn +7.7% y/y, above Street est. of $136.7mn. Healthcare grew +38.7% y/y driven by sales in dental and medical applications, while Industrial marginally grew +0.7% y/y excl. divestitures. Strong printer sales into the dental market was a key source of upside but will likely prove lumpy as demand hits tougher comps. Management noted a 50% expansion of the Denver Healthcare facility and expects investments in space, capacity, machines, and personnel to support long term growth.

The analyst reiterated a Buy rating, stating "Our F21/22 revs go to $597/615mn from $583/600mn, while EPS ests go to $0.29/0.22 from $0.21/0.23. Our PO moves to $16 (from $14), based on 3x (unchanged) EV/C22 rev estimate." "We continue to look for signs of tangible revenue impact stemming from recent acquisitions and investment in core businesses. We reiterate our Underperform rating due to COVID related uncertainty, and view Q1 as early days in a longer term turnaround. We look for more long-term color at the analyst day in Sep."

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