UPDATE: Piper Jaffray Raises PT to $39 on Stratasys

Piper Jaffray maintains its Neutral rating on Stratasys

and raises its price target to $39, up $6, on key takeaways from travelling with the company's management. Piper Jaffray says, "We traveled with management over two days and came away more constructive on future market opportunities. We believe that the development of a low-end focused channel coupled with a forthcoming new product announcement will serve to reignite the sales of 3D printers after declining by 13.3% in 2011. Growth in high-end Fortus systems is likely to moderate in 2012 but the market opportunity is significant enough to sustainably drive 20% growth in our opinion and if 3D printer unit volumes rise, we believe the company could grow 20% plus in 2012." SSYS closed at $38.64 a share on Friday.