Stephens downgrades 3D Systems, upgrades Stratasys

• Stephens has joined a long list of firms to be more bullish on Stratasys (SSYS +3.1%) than 3D Systems (DDD +0.2%): The former has been upgraded to Overweight, and the latter downgraded to Equal Weight.
• The ratings changes come even though Stratasys has soundly outperformed 3D to date. Stratasys now goes for 5.8x 2015E sales and 37x 2015E EPS; 3D goes for 4.9x 2015E sales and 36x 2015E EPS.
• Others more positive on Stratasys than 3D include Morgan Stanley, UBS, Credit Suisse, and Citron Research.