NEW YORK (TheStreet) -- 3D Systems (DDD) shares were rising in early trading, up 0.56% to $48.48 after one research firm raised its price target, citing a move into the next frontier: the metal space.
Canaccord Genuity analyst Bobby Burleson raised his price target to $55 from $50, keeping his "buy" rating, following the company's recent analyst day. Burleson noted 3D Systems' move into the metal space as the primary reason for the price hike because of its higher growth rates and higher average selling prices (ASPs). "We note that, at the analyst day, DDD discussed plans to move Phenix machines toward integrated materials, improving long-term profitability on metal-based machines," Burleson wrote in the note.
Burleson is also positive on 3D Systems' distribution deal with Synnex, noting that it's helping drive incremental demand for 3D printing. The deal could help drive 2013 revenue toward the high end of guidance ($460 million to $510 million in sales).
The company handily beat earnings estimates recently, reiterating 2013 revenue guidance of $461.4 million.Analysts polled by Thomson Reuters are looking for revenue of $476.79 million in revenue, earning $1.05 a share. --Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia
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