Bank of America Lowers 3D Systems Price Objective; Underlying Trends Cause Concern

On Wednesday, Bank of America released a note on

. Analyst Wamsi Mohan is “surprised that materials growth y/y was driven more by less ASP decline rather than higher volumes relative to 3Q.” The analyst believes the divergence of the volume and mix impact for printers from historical trends can be explained by “increased contribution from the consumer printers that ticked up significantly in 3Q13.” Mohan reiterated his Underperform rating and lowered the price objective to $60 on “lower confidence on longer term model.” Shares of 3D Systems are down a modest 0.4 percent to $61.75.