DM - Why Desktop Metal Shares Were Up on Tuesday
Shares of recent IPO and 3D-printing company Desktop Metal (NYSE: DM) were performing nicely in late afternoon trading Tuesday. The stock was up 6.3% as of 2:55 p.m. EST, and you can probably thank Wall Street for that.
In twin analyst reports, investment bank Stifel Nicolaus initiated coverage of the 3D-metal-printing stock with a buy rating and a $30 price target, and then Craig-Hallum followed up with a price target hike and positive commentary.
As TheFly.com reported this morning, Stifel sees Desktop Metal as being well funded after going public in a reverse-merger IPO late last year, and well positioned to profit from a "dramatic increase" in 3D-printed parts production over the next decade.
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Why Desktop Metal Shares Were Up on Tuesday