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Stratasys drops another 4.2% as post-earnings upgrades/downgrades arrive

Jul. 31, 2015 11:08 AM ETStratasys Ltd. (SSYS) StockSSYSBy: Eric Jhonsa, SA News Editor4 Comments
  • Stratasys (NASDAQ:SSYS) is adding to the big Thursday losses seen after the company provided weak Q3 guidance (while withdrawing full-year guidance) to go with in-line Q2 results. BofA/Merrill and UBS have downgraded to bearish ratings, while Piper has gone contrarian and upgraded to Overweight.
  • Piper's Troy Jensen, who has issued several downbeat notes on Stratasys and 3D Systems in recent months, argues bad news is priced in, that the 3D printing industry will return to normalized growth in 2016, and that Stratasys will outgrow the market. UBS, on the other hand, compares 3D printing to an LED industry that has been plagued by excess supply and overinvestment for a long time.
  • Yesterday, Needham's James Ricchiuti cut his target by $8 to $38, while reiterating a Buy. "The industry has begun to acknowledge, as SSYS did today, that demand in 2013 and 2014 was inflated unrealistically, resulting in the current painful period of retrenchment as customers digest investments in equipment and capacity. Our view is that the additive manufacturing industry will return to a historical 20%-plus growth rate, we believe as early as next year ... We believe interest in the name will return as SSYS begins to deliver on the growth and profitability that we believe the business is capable of generating, although clearly this will require patience on the part of investors.
  • Q2 results, details/Q3 guidance, CC transcript

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