PRLB - Proto Labs raised to Hold at Craig Hallum after results

2023-08-04 13:51:53 ET

Proto Labs ( NYSE: PRLB ) was upgraded to "Hold" from a previous investment rating of "Sell" by analysts at Craig Hallum, citing stabilized business for the custom parts manufacturer following its second quarter results.

Craig Hallum also raised the price target by $2 to $28.

The company posted Q2 non-GAAP EPS of $0.33 and revenue of $122.3 million on Friday. The ratings agency called the results "mixed" due to a modest miss in revenue, which was offset by better earnings.

"While we don't see investors getting excited until growth in revenue and profitability returns, we don't see any significant negative catalysts in the near term," Craig Hallum analyst Greg Palm said in an August 4 report.

Shares of the company fell as much as 8.7% and have pared most of their losses in the current trading session. The stock is down 39.2% in the last 12 months but up 23.8% YTD.

Quant and Wall Street rate the PRLB stock a "HOLD," while SA authors have a "SELL" rating.

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