UPDATE: JP Morgan Downgrades 3D Systems Corporation to Underweight on Valuation

JP Morgan lowered its rating on 3D Systems Corporation DDD from Neutral to Underweight while maintaining a $34.50 price target per share. JP Morgan noted, "The stock is up 148% YTD (S&P500 up 9%), and has traded through our 2013 year-end price target. Though long-term prospects for 3D printing technologies, and 3D Systems, are very good, the stock prices in aggressive expectations and riskreward is skewed unfavorably, in our view. With a near-term perspective, we are concerned that the stock does not reflect cyclical risks, and the ~35% exposure to European end markets. We are also concerned that expectations relating to the consumer product launch are unrealistic." 3D Systems Corporation closed at $35.78 on Wednesday.