Canaccord Genuity Keeps a Buy Rating on ExOne

By Ryan Adsit

Canaccord Genuity analyst Robert Burleson maintained a Buy rating on ExOne (NASDAQ: XONE) yesterday and set a price target of $12. The company’s shares opened today at $7.56.

Burleson said:

“We believe more specifics around a recently announced global cost realignment program will positively impact our model and boost shares of XONE once more details emerge. Newly reappointed CEO Kent Rockwell made the announcement June 29, and while absent specific targets, Mr. Rockwell’s statement indicated a greater emphasis on profitability and cash flows as an overarching focus. In addition to an immediate reduction in headcount and consulting projects, an evaluation of the global operation is ongoing and should result in further cost reductions, with a goal of positive earnings and cash flow in 2019. Presently, our model doesn’t achieve positive earnings until Q4 of 2019. We believe management’s goals are likely more ambitious and exceed our timeline by at least one quarter.”

According to TipRanks.com, Burleson is a 5-star analyst with an average return of 13.6% and a 61.8% success rate. Burleson covers the Consumer Goods sector, focusing on stocks such as IPG Photonics Corporation, Faro Technologies, and Nano Dimension.

ExOne has an analyst consensus of Moderate Buy, with a price target consensus of $12.50, which is a 65.3% upside from current levels. In a report issued on June 29, B.Riley FBR also initiated coverage with a Buy rating on the stock with a $13 price target.

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The company has a one-year high of $12.50 and a one-year low of $6.16. Currently, ExOne has an average volume of 185.6K.

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The ExOne Co. engages in the development, manufacture, and marketing of 3D printing machines. It offers 3D printing solutions to industrial customers in the aerospace, automotive, heavy equipment, energy, and oil & gas industries. The company was founded in 2005 and is headquartered in North Huntingdon, PA.