UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Proto Labs on Strong Q4 Results

In a report published Wednesday, Jefferies reiterated its Hold rating on Proto Labs

, and raised its price target from $40.00 to $50.00. Jefferies noted, “Q4 $33.6M/$0.31 was higher than St $32.7M/$0.26 (JEF $33.4M/$0.27) on good revenues but even better GM (62.7% vs. St/JEF 60.0%) and lower sales & marketing expense ($4.5M vs. JEF $4.8M). Pros: large secular tailwind; industry-leading market position; intro of new hard metals. Cons: minimal visibility; home 3D manufacturing hype pushing the multiple higher. We raise our target to $50 and could get more constructive on a pullback.” Proto Labs closed on Tuesday at $42.00.