UPDATE: Jefferies Raises PT on Proto Labs on Multiple Challenges Ahead
In a report published Monday, Jefferies analyst Peter Misek reiterated a Hold rating on Proto Labs (NYSE: PRLB), and raised the price target from $50.00 to $65.00.
In the report, Jefferies noted, “We think a pause in enterprise spending affected many of our companies' Q2 results and bookings. We trim our estimates and target on IBM as we expect weak services bookings, a tough environment for software, and a delayed System x sale to lead to lowered guidance. We think EMC's Q2 will be inline to slightly below expectations but see a strong H2 ramp. We believe Allot had a solid quarter with strong bookings.”
Proto Labs closed on Friday at $64.61.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.