Piper Jaffray downgraded 3D Systems (NYSE: DDD) from Neutral to Underweight with a price target of $10.00.

Analyst Troy Jensen comments "Based on our survey findings, system demand downticked sequentially for DDD with more below plan responses versus above plan, and we believe competition for DDD’s main product lines is intensifying and anticipate the company will struggle to deliver organic system growth with HP, GE, Formlabs, Carbon and others attacking their biggest revenue contributors. We also believe DDD will need to increase spending on direct sales, customer support and consulting, so meaningful profitability will likely be more challenged than revenue growth throughout 2018. DDD appears to be taking strides in the right direction with new product introductions, but we believe it will still take some time to ramp these new products and return to solid growth."

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Shares of 3D Systems closed at $14.00 yesterday.