UPDATE: Morgan Stanley Assumes Coverage on Proto Labs with Equal-Weight Rating, $70 PT as Growth is Priced In

In a report published Friday, Morgan Stanley analyst Scott Schmitz assumed coverage on

with an Equal-Weight rating and $70.00 price target. In the report, Morgan Stanley noted, “Proto Labs has a strong competitive advantage and large TAM, but low visibility and high growth expectations balance the risk:reward. We assume coverage with an Equal-weight rating and establish a $70 price target (31x CY15 EPS of $2.25 or 1.5x PEG).” Proto Labs closed on Thursday at $68.07.