Cowen Cuts Price Target on Stratasys (SSYS) Following Preliminary Results
Cowen reiterated a Market Perform rating on Stratasys Inc. (NASDAQ: SSYS), and cut the price target to $25.00 (from $30.00), following the company;s 3Q15 preliminary results. SSYS pre-announced 3Q sales of $166-$168MM vs. Street's $184.6MM, and EPS of (3c) - 2c (vs. Street's 8c). SSYS is scheduled to report its results on 11/04.
Analyst Robert Stone commented, "SSYS pre-announced Q3:15 sales of $166-$168MM (10% below St. $184.6MM), and EPS of (3c) - 2c (vs. St. 8c), citing a soft macro backdrop in all regions for its products and services and restrained Capex in key verticals. Overexpansion in 2013-14 may have created a capacity overhang. The top line is decelerating and timing for an upturn is unclear. We trim estimates and cut our PT to $25 from $30."
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Shares of Stratasys Inc. closed at $30.87 yesterday.