Bank of America Lowers 3D Systems Price Objective; Underlying Trends Cause Concern
On Wednesday, Bank of America released a note on 3D Systems (NASDAQ: DDD). 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.
Latest Ratings for DDD
|Dec 2014||Longbow Research||Initiates Coverage on||Underperform|
|Nov 2014||Imperial Capital||Maintains||Outperform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.