UPDATE: Morgan Stanley Initiates Proto Labs to Equal-Weight on Sustainable Competetiveness

Morgan Stanley initiated Proto Labs PRLB with an Equal-weight rating and a $54.00 price target. Morgan Stanley noted, "We view PRLB's competitive advantage as sustainable. Proto Labs is not a 3D printing company, but rather engages in “subtractive manufacturing” via CNC machining and injection molding. These are not newfangled methods; rather, PRLB's “special sauce” resides in its proprietary technology platform. The company is able to execute an order in 1-16 days vs. 4-12 weeks turnaround time for a traditional manufacturer. We believe that this is sustainable given Proto Labs' 13-year head start and the fact that there are no material direct competitors so far." Proto Labs closed at $48.98 on Wednesday.