Piper Jaffray Reiterates Overweight Rating, $81 PT on Stratasys
In a report published Monday, Piper Jaffray & Co. reiterated its Overweight rating and $81.00 price target on Stratasys (NASDAQ: SSYS).
Piper Jaffray noted, “We continue to believe the 3D printing industry will experience strong secular growth over the next several years. The primary driver has been prototyping, but Direct Digital Manufacturing (DDM) and consumer applications are gaining traction, which is creating additional growth opportunities for this industry. We believe the combination of Stratasys and Objet will create a significantly stronger player with complementary products, expanded channels and a secular tailwind driving impressive results. Based on recent channel checks, we believe demand in Q4 is tracking in line to ahead of expectations and the outlook for 2013 appears robust. All of these factors should play an incremental role in driving future earnings growth, and we believe there is plenty of upside left in the stock. We are reiterating our Overweight rating and $81 price target on SSYS shares and recommend investors have exposure to this space.”
Stratasys closed on Friday at $79.50.
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