Deutsche Bank reiterated a Hold rating on Stratasys Inc. (NASDAQ: SSYS) and lowered its price target to $24.00 (from $28.00). Analyst Sherri Scribner called Q4 results encouraging, but she is cautious given a supply glut in 3D printing.

"SSYS reported a mostly positive Q and FY-16 guidance was higher than Street estimates. Mgmt indicated that they expect the market to remain challenged in FY-16 and visibility on end demand remains murky. In this muted environment, mgmt is focused on streamlining operating expenses and improving manufacturing efficiencies," said Scribner.

"We continue to view the glut of 3D printing machines as a strong headwind to near-term growth and we do not anticipate a significant demand pick-up in FY-16. Long-term we remain positive on the industry, but without clear catalysts to drive near-term growth, we see SSYS's shares as range bound over the next year and maintain our Hold," added the analyst.

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Shares of Stratasys Inc. closed at $20.89 yesterday.