UPDATE: Deutsche Bank Initiates Coverage on ExOne Co. with Hold Rating, $55 PT on Fair Valuation

In a report published Tuesday, Deutsche Bank analyst Sherri Scribner initiated coverage on ExOne Co. XONE with a Hold rating and $55.00 price target. In the report, Deutsche Bank noted, “We view ExOne as well positioned in the binder jetting market for sand castings and metals, a segment of additive manufacturing focused on industrial markets. However, the company does not participate in other technologies, which puts it at risk of other technologies becoming more popular. Because of its small scale, ExOne is positioned to grow faster than the overall market, but margins are below peers. With shares trading in line with what we view as a fair EV/Sales multiple for peer Stratasys and with the market currently expecting high revenue growth from the company, we view shares as fairly valued and rate ExOne a Hold.” ExOne Co. closed on Monday at $53.60.