UPDATE: JPMorgan Downgrades Stratasys Inc. (SSYS) to Underweight
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JPMorgan analyst Paul Coster downgraded Stratasys Inc. (NASDAQ: SSYS) from Neutral to Underweight with a price target of $23.00 (from $18.00).
The analyst comments "We are downgrading DDD and SSYS to Underweight based on valuation, though we are raising our price targets for both stocks in recognition of the higher multiples across our coverage universe. DDD is up 200% YTD, SSYS up 36% (S&P500 up 1%), and though neither stock looks expensive relative to recently IPO’d DM on a P/S basis, we do think risk-reward tilts unfavorable here, given that we do not believe 3D Printing/Additive Manufacturing has suddenly hit an inflection point. We do think demand will improve with a post-pandemic recovery, and niche markets are opening up for these companies incrementally, but we expect growth to trend in the 5 - 10% CAGR range moving forward, not high enough to justify an aggressive re-rating, not yet."
Shares of Stratasys Inc. closed at $32.77 yesterday.
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Create E-mail Alert Related CategoriesAnalyst PT Change, Downgrades, Hot Downgrades
Related EntitiesJPMorgan, Standard & Poor's, IPO
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