UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on 3D Systems Corporation

In a report published Friday, Canaccord Genuity reiterated its Buy rating on 3D Systems Corporation

, and raised its price target from $40.00 to $48.00. Canaccord Genuity noted, “We reiterate a BUY following strong results and increased 2012 guidance driven by strong organic growth for printers and materials. With a substantially expanded channel, we expect DDD to make steady progress toward 75% recurring revenue and associated higher margins. We also see Cube poised to become a meaningful contributor to the top line by H2/13, as unit sales and materials sales are exceeding internal plan. We are increasing our estimates and raising our price target to $48.” 3D Systems Corporation closed on Thursday at $40.85.