Piper Jaffray Upgrades Voxeljet AG (VJET) to Overweight; Cites Confidence In Execution And Valuation
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Piper Jaffray upgraded Voxeljet AG (NYSE: VJET) from Neutral to Overweight with a price target of $9.40, citing confidence in execution and valuation.
Analyst Troy Jensen commented, "We are upgrading shares of VJET to Overweight as we believe the stock has sold off due to general sector weakness. However, we expect the company to report solid Q2 results and reiterate 2015 guidance (42-48.5% revenue growth). We believe systems sales and the pipeline of opportunities will remain strong and anticipate the expanded service offerings (U.S. and U.K.), and new material and system offerings will help VJET sustain above-industry average growth for the foreseeable future. Given the company’s growth opportunities, we view the recent pull back in VJET shares as a good buying opportunity. We have high conviction that demand for VJET systems and services will remain strong and believe there are multiple catalysts in place to drive 35%+ top-line growth for the next several years. We are maintaining our sales estimates and $9.40 price target, which equates to 3.5x 2016E EV/S."
Shares of Voxeljet AG closed at $6.14 yesterday.
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