Deutsche Bank Sees 3D Systems' Turnaround Still In Early Stages

Deutsche Bank remains on the sidelines on 3D Systems Corporation

as it awaits better clarity on a return to consistent organic growth and profitability. Citing that the company's turnaround plan is in its early stages, analyst Sherri Scribner noted that key for DDD going forward will be a "clear articulation by new CEO Vyomesh Joshi about the strategic direction of the company, including tangible targets for the business." Scribner maintained her Hold rating on the stock. The company, which makes 3D printers, reported mixed first quarter results. The adjusted EPS of $0.05 was in line with consensus, while revenues of $152.6 million missed Street expectation of $155.9 million. "In our view, F1Q-16 results weren't enough to change anyone's mind on the name, with positives and negatives largely balanced," Scriber wrote in a note. The analyst trimmed full year EPS view by 38.6 percent to $0.04 from $0.06 and revenue estimate by 1.5 percent to $665 million from $675 million. However, Scribner raised the price target by $1 to $14. Meanwhile, Citi's Kenneth Wong maintained a Sell rating on the stock, while reducing the price target by $3 to $12. The analyst commented that 3D Systems' fundamentals continued to be soft, and could get even softer going ahead. Read more: http://www.benzinga.com/analyst-ratings/analyst-color/16/05/7942922/3d-systems-citi-says-to-expect-more-pain-before-any-gain#ixzz47tZiBUwg At the time of writing, shares of 3D Systems fell 3.31 percent to $13.13.