UPDATE: Credit Suisse Reiterates On ExOne Co On Reduced FY14 Guidance

In a report published Friday, Credit Suisse analyst Jonathan Shaffer reiterated an Underperform rating on

, but lowered the price target from $21.00 to $18.00. In the report, Credit Suisse noted, “XONE reported revenues significantly below Street expectations and reduced full year revenue guidance to $45-50mn (from $55-60mn). While we are concerned with the Q3 overall decline in revenues and reduced FY14 guidance, we were encouraged by 42% YoY revenue growth in the PSC business, which has performed consistently well on the top-line thus far through the year. The company is now targeting 25-35% organic growth for FY15, which we think appears far more attainable than prior targets for 40%+ annual organic growth, and consistent with corporate commentary elsewhere in the 3D printing marketplace.” ExOne Co closed on Thursday at $19.80.