UPDATE: Piper Jaffray Upgrades Stratasys to Overweight on Secular Growth in 3D Printing

Piper Jaffray raised its rating on Stratasys

from Neutral to Overweight and established a $76 price target Piper Jaffray commented, "We are upgrading Stratasys to Overweight from Neutral given our belief the 3D printing industry will experience strong secular growth. We believe the growing adoption of 3D CAD, coupled with increased awareness and price elasticity will drive higher 3D printer penetration, which should provide a multiple effect on unit growth. This growing system installed base creates a growing annuity of high margin material sales sold into a captive audience. … Given the increasing adoption of 3D printing for prototyping, DDM, consumer applications and the high margin characteristics of material sales, we believe investors need exposure to this space." Stratasys closed at $64.85 on Monday.