Merrill Lynch analyst Wamsi Mohan is out with a bearish report on shares of Stratasys, Ltd. (NASDAQ:SSYS) after attending the Stratasys Media Event at the company’s headquarters in Minneapolis and hearing corporate updates from lead executives.

Mohan comments, “SSYS showcased two new technology demonstrators designed to expand SSYS’s TAM into production, with faster machines capable of building larger parts with innovative materials. While impressive, these technologies are very early stages. The overall strategy from CEO Ilan Levin seems to be largely unchanged from his predecessor. We believe SSYS is still in the early stages of a transformation and that the broader transition to manufacturing will take time.”

For Mohan, the 3D printer and production maker has taken “a step in the right direction” with strategic partnerships and technological advancements, but awaits the “lengthy certification process” without much expectation for any major revenues for the time being.

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Subsequently, Mohan reiterates an Underperform rating on shares of SSYS with a $23 price target, which represents a slight 1% downside from where the shares last closed. However, the analyst does “view the advancements as an overall positive for the long term.”

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, four-star analyst Wamsi Mohan is ranked #996 out of 4,123 analysts. Mohan has a 58% success rate and yields 4.6% in his annual returns. However, when recommending SSYS, Mohan loses 18.5% in average profits on the stock.

TipRanks analytics exhibit SSYS as a Hold. Based on 8 analysts polled in the last 3 months, 2 rate a Buy on SSYS, 4 maintain a Hold, while 2 issue a Sell. The 12-month average price target stands at $25.00, marking a nearly 11% upside from where the stock is currently trading.Screen Shot 08-24-16 at 05.03 PM