UPDATE: Piper Jaffray Raises PT on 3D Systems as Q3 Industry Survey Points to Strong Demand
In a report published Thursday, Piper Jaffray analyst Troy D. Jensen reiterated an Overweight rating on 3D Systems Corporation (NYSE: DDD), and raised the price target from $52.00 to $61.00.
In the report, Piper Jaffray noted, “Based on results from our Q3 3D industry survey, we believe demand tracked ahead of plan for 3D Systems resellers and that the company will report impressive September quarter results. We observed record feedback across system, consumable and service segments, along with impressive growth projections for 2014. More specifically, resellers indicated particularly strong demand for ProJet systems, as well a material uptick in consumable sales. We continue to believe the 3D printing industry remains one of the best secular growth stories in the market, capable of 20-25% growth over the next several years. As 3D Systems continues to expand their portfolio across healthcare, consumer and software verticals, we believe the company is likely to see above market growth. As such, we are reiterating our Overweight rating and raising our PT to $61 from $52.”
3D Systems Corporation closed on Wednesday at $55.25.
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