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Strategies & Market Trends : The New Economy and its Winners

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From: Bill Harmond	4/5/2014 11:20:03 AM
	of 57684

04-Apr-14 08:00 ET In Play 3D Systems defended at RBC and Brean Capital (46.46 ) : Brean Capital views risk reward for DDD as very attractive, given an upside appreciation potential of 49% to their "base-case" DCF valuation of $84, vs. a downside risk of only 12% (our "bear-case" DCF valuation). Moreover, our "bull-case" DCF valuation of $110 results in 95% appreciation potential. Additionally, they continue to believe material upside to Street '14 Revenue exists -- in the order of ~$80M-$110M, which provides an added level of conviction in buying at these levels. RBC notes recently hosted management meetings with DDD, after which they remain comfortable with our long-term thesis that DDD and the broader 3D printing industry are at the cusp of seeing acceleration of organic growth. They think the bulk of the margin deleverage is now built into consensus model and they could see upside in 2H:14 on volume leverage; $96 tgt.

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