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3D Systems: HP, Formlabs Prices Undercut Them, Warns Piper

Piper Jaffray’s Troy Jensen today reiterated an Underweight rating on shares of 3-D printing pioneers 3D Systems (DDD), and a $14 price target, warning that several of the company’s traditional resellers are now selling HP’s (HPQ) “Jet Fusion” 3-D printer, which can undercut 3D Systems’s own wares on price.

HP’s just one of several competitive threats; Jensen sees trouble as well from the startup Formlabs, a team that came out of MIT and that sells a printer for $10,000.

Writes Jensen, "We believe HP currently has 13 channel partners and will continue to expand throughout the year."

Of the 13 resellers, we have confirmed 9 of them – 7 of them are ex-3D Systems' resellers, 1 was a Stratasys reseller, and the last one is undetermined. Several of these new HP partners have been told by both DDD and SSYS that they will no longer be...