Stratasys Declines 9% on 1Q Revenue Shortfall; No Change to Full-Year Sales Guidance; Reducing FVE
We expect to trim our $24 fair value estimate for no-moat Stratasys by $1-$2 after slower first-quarter sales and management’s unchanged 2018 guidance. The stock fell more than 8% intraday on an unexpected 6% sales decline, which management said was caused by delays in closing large systems sales in automotive and aerospace end markets.We are of two minds on the shortfall: The 3-D printing sales cycle tends to be back-loaded: The third month tends to capture the largest share of quarterly sales...
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