Needham & Company analyst James Ricchiuti reiterated a Buy rating but lowered his price target on Stratasys Inc. (NASDAQ: SSYS) to $46.00 (from $54.00) following Q1 results, which was in line with SSYS' preannouncement.

Ricchiuti commented, "Mgmt reaffirmed its 2015 rev guidance for 7-15% growth, which assumes a steep decline at MakerBot and continued FX headwind (which impacted the Q1 y/y growth rate by around 5 pts). Op-ex is expected to decline as a percent of rev over the course of the year, which together with improving 2H/1H rev, is consistent with mgmt.'s expectation of a disproportionate share of full-year non-GAAP net income coming in the 2H. At current prices, investors are clearly skeptical that SSYS can meet the low end of guidance. Mgmt appears committed to holding down op-ex over the remainder of 2015. The ramp in 2H revs, meanwhile, is being largely dismissed by the market. There is precedent for a seasonally strong 2H, and we believe SSYS shares could begin to recover as 2015 progresses."

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Shares of Stratasys Inc. closed at $35.33 yesterday.