Stratasys Shares Declines 16% on Signs of Rising R&D Spending: Maintain $24 Fair Value Estimate
We expect to maintain our $24 fair value estimate for no-moat Stratasys following steady fourth-quarter results and management’s initial 2018 guidance. The stock fell 16.5% on the day to $18.23 as the firm projected modest revenue growth, rising R&D spending, and flattish adjusted net income in 2018.Since we detect no change in competitiveness, efficiency, or market opportunity, we consider the sharp decline an over-reaction and a short-term buying opportunity. Our valuation reflects revenu...
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