UPDATE: Loop Capital Upgrades 3D Systems (DDD) to Hold
Loop Capital analyst Ananda Baruah upgraded 3D Systems (NYSE: DDD) from Sell to Hold with a price target of $31.00 (from $5.00).
The analyst comments "We’re upgrading DDD to Hold from Sell and raising our PT to $31 from $5. DDD’s new team could be the right one for the company to take its next progressive step. We believe the backgrounds of CEO Jeffrey Graves and CFO Jagtar Narula could lend themselves particularly well to DDD’s task at hand. Mr. Graves is a material scientist by training with prior CEO roles at various components companies. Mr. Narula has previously held Sr. Finance roles at Xerox and Blackbaud, where he gained extensive experience in running solutions-oriented businesses and developing recurring revenue models. In a "handful of years" (i.e., this is not yet guidance) DDD is targeting >10% revenue growth, >50% GM and >20% EBITDA margins (vs. flattish revenue since 2015, 43% GM and 5.0% EBITDA margins in 2020). DDD believes the areas of the markets it will target could actually grow 20%, and as such we believe this suggests stronger potential normalized growth ultimately."
Shares of 3D Systems closed at $32.00 yesterday.
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