UPDATE: JPMorgan Downgrades Stratasys Inc. (SSYS) to Neutral
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JPMorgan analyst Paul Coster downgraded Stratasys Inc. (NASDAQ: SSYS) from Overweight to Neutral with a price target of $18.00 (from $20.00).
The analyst comments "We downgrade SSYS to Neutral based on lack of nearterm catalysts. SSYS is trading at ~100x our revised CY21E PF EPS forecast of $0.12, which is a significant premium to the five-year mean P/E trading range of ~40x, but the stock is trading at more attractive 13.8 EV/revised adjusted CY21 EBITDA. Furthermore, SSYS is clearly under-earning at present since the company is investing in new products during the COVID-19 downturn that should restore growth in 2021 and beyond, leading to a better expression of earnings power in the out-years. That said, given the lack of near-term catalysts, we move to the sidelines for now, and we expect SSYS to perform in line with the mean of our coverage over the next 6-12 months."
Shares of Stratasys Inc. closed at $12.70 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades, Hot Comments, Hot Downgrades
Related EntitiesJPMorgan, Earnings
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