Piper Jaffray maintains a Neutral rating on Voxeljet AG (NYSE: VJET), and lowered the price target to $9.40 (from $9.30), following Q1. VJET reported revenues of €5.6M, ~€0.8M above consensus of €4.8M. VJET reaffirmed its full year guidance of €23-24 million.

Piper Jaffray analyst, Troy Jensen, commented on VJET, saying, "We were encouraged with Voxeljet's Q1 results and continue to believe the company will deliver solid growth in the coming years, driven by the recent service bureau capacity build-outs, acceleration in system sales and introduction of new materials. We continue to believe demand is there for Voxeljet’s technology and another year of 40%+ top-line growth expected in 2015 proves VJET is starting to gain significant momentum. We view Voxeljet as an interesting small cap stock within the 3D printing market, which we believe is capable of growing 20-25% organically over the next several years; however, due to multiple compression in VJET's comp group, we remain Neutral on VJET shares, but bullish on the company’s long-term growth opportunities."

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Shares of Voxeljet AG closed at $7.72 yesterday.