UPDATE: Piper Jaffray Initiates Coverage on Voxeljet AG on Top Secular Growth Story

In a report published Tuesday, Piper Jaffray analyst Troy D. Jensen initiated coverage on

with a Neutral rating and $44.00 price target. In the report, Piper Jaffray noted, “We are initiating on Voxeljet with a Neutral rating and $44 price target (17x EV/S applied to our 2015 revenue estimate). We view Voxeljet as one of the better small cap ways to play the 3D printing market, which we believe is capable of growing 20-25% organically for several years. While Voxeljet's recent growth has been stalled by IP limitations and capacity constraints, recent system/material introductions coupled with capacity buildouts now position the company well for inflecting industry demand. While we are bullish on the company's strategic positioning, we remain sidelined given current valuation. Shares have appreciated 293% since the IPO (10/18/13) and we believe the stock is already pricing in a couple years of industry-leading growth and market-share gains. However, given our positive bias toward the company and the broader 3D printing space, we would be more strategic buyers on any meaningful pullbacks.” Voxeljet AG closed on Monday at $51.15.