Proto Labs: Pullback Creates Attractive Entry Point, Says Canaccord; Upgrades To Buy
In a report issued today to investors, Canaccord Genuity analyst Robert Burleson upgraded Proto Labs (NYSE:PRLB) to Buy from Hold, while leaving his estimates and $85 price target unchanged.
Burleson commented: “We see recent weakness as a buying opportunity given strong fundamentals with a less volatile business model compared to peers, and attractive valuation versus twoyear medians. While near term the stock could drift lower on macro concerns, we expect earnings to be a positive catalyst and see PRLB’s healthy long-term growth prospects unchanged.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Robert Burleson has a total average return of 5.6% and a 46.2% success rate. Burleson is ranked #589 out of 3315 analysts.