Deutsche Bank Downgrades 3D Systems on Profit Warning

In a Market Research note out this morning, Deutsche Bank downgraded shares of 3D Systems DDD from a Buy to Hold, following an negative pre-announcement due to product delay. They also lowered their price target from 80 to 43, based on lower estimates and lower multiple justification. They go on to say "We remain positive on the long-term growth in the 3D printing market and expect DDD's results to improve in F4Q-14, however we believe these positives are already reflected in DDD's valuation, thus we are downgrading the shares to Hold from Buy." Positive Risks: Faster Organic Growth, Improving Margins Negative Risks: Slower growth, inability to integrate acquisitions, and unsuccessful rollout of new products. Shares of DDD are currently down 15 percent at 36.87.