Morgan Stanley initiated coverage on shares of Proto Labs (NASDAQ: PRLB) in a research note released on Thursday morning. The firm issued an equal weight rating and a $54.00 price target on the stock.
“We view PRLB’s competitive advantage as sustainable. Proto Labs is not a 3D printing company, but rather engages in “subtractive manufacturing” via CNC machining and injection molding. These are not newfangled methods; rather, PRLB’s “special sauce” resides in its proprietary technology platform. The company is able to execute an order in 1-16 days vs. 4-12 weeks turnaround time for a traditional manufacturer. We believe that this is sustainable given Proto Labs’ 13-year head start and the fact that there are no material direct competitors so far.,” the firm’s analyst wrote.
A number of other firms have also recently commented on PRLB. Analysts at Piper Jaffray raised their price target on shares of Proto Labs from $44.00 to $54.00 in a research note to investors on Thursday, February 14th. Separately, analysts at Needham & Company raised their price target on shares of Proto Labs from $40.00 to $60.00 in a research note to investors on Wednesday, February 13th. They now have a buy rating on the stock. Finally, analysts at Jefferies Group reiterated a hold rating on shares of Proto Labs in a research note to investors on Wednesday, February 13th. They now have a $50.00 price target on the stock, up previously from $40.00.
Five equities research analysts have rated the stock with a buy rating, and four have assigned a hold rating to the company’s stock. Proto Labs has an average rating of overweight and an average target price of $52.38.
Proto Labs opened at 45.51 on Thursday. Proto Labs has a 1-year low of $24.93 and a 1-year high of $53.91. The stock’s 50-day moving average is currently $42.48. The company has a market cap of $1.118 billion and a price-to-earnings ratio of 46.44.
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