Piper Jaffray reiterates an Overweight rating on Materialise NV (NASDAQ: MTLS), and lowers the price target to $9.00 (from $10.00) following Q1 beat. MTLS reported revenues of €23.3M (20.2% organic growth), which is roughly €0.6M ahead of consensus estimates (€22.7M). Pro Forma EPS of (€0.02), was in-line with consensus estimates.

Piper Jaffray analyst, Troy Jensen, commented on MTLS, saying, "After another top-line beat by Materialise, we remain bullish on the company’s growth opportunities, and are becoming strong believers that the company’s strategic investments are beginning to payoff. The company’s 3D printing software segment continues to grow above their long term goal, which saw tremendous growth in Q1 (up
51.6% Y/Y). While the industrial production segment also grew in-line with company’s
long term expectations. However, medical weakness continues to drag on the top line for the time being, but we believe the introduction of metal printed implants, X-ray version of the Mimics software and expanding distribution network will reaccelerate growth in this segment and become material to sales in FY16. That said, we continue to believe MTLS trades at an attractive valuation, and are reiterating our Overweight rating.

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Shares of Materialise NV closed at $7.53 yesterday.