Piper Jaffray analyst Troy Jensen downgraded 3D Systems (DDD) to Underweight with a $10 price target. The shares closed yesterday up 30c to $14.00. A survey of resellers found that system demand downticked sequentially for 3D Systems with more below plan responses versus above plan, Jensen tells investors in a research note. He believes competition for the company's main product lines is intensifying. 3D Systems will struggle to deliver organic system growth with HP (HPQ), General Electric (GE), Formlabs, Carbon and others "attacking their biggest revenue contributors," Jensen writes. The analyst also thinks 3D will need to increase spending on direct sales, customer support and consulting, meaning "meaningful profitability" will likely be more challenged than revenue growth throughout 2018. He views the stock as overvalued. While Jensen continues to believe the overall 3D printing industry is "growing rapidly," he remains cautious on shares of 3D Systems and Stratasys (SSYS). He reiterates a Neutral rating on the latter.

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Expects FY24 margins up about 50 bps vs. flat previously. Says "encouraged" by strong start to year.

Says all segments contributed to growth in Q1. Says "great confidence" in forward trajectory. Says demand "remained resilient" in Q1. Says can track about 80% of delivery challenges to 15 suppliers. Comments taken from Q1 earnings conference call.

Sees FY24 revenue growth LDD+, consensus $36.43B. Sees FY24 free cash flow greater than $5B, greater than 100% conversion. Commercial Engines & Services: Continue to expect revenue growth of mid-to-high teens and increasing operating profit to a range of $6.1 to $6.4 billion, up from our original guidance of $6.0 to $6.3 billion. Defense & Propulsion Technologies: Continue to expect revenue growth of mid-single-digits to high-single-digits and operating profit of $1.0 to $1.3 billion. Corporate: Continue to expect cost of approximately $1 billion, including $600 million of expense and $400 million of eliminations.

Reports Q1 revenue $16.1B, consensus $15.34B. GE Aerospace Chairman and CEO H. Lawrence Culp, Jr. said, "We marked a new beginning in early April with the successful spin-off of GE Vernova and launch of GE Aerospace, completing our multi-year transformation. Our teams achieved this milestone while delivering strong results in the first quarter led by significant profit and cash growth at GE Aerospace." Culp continued, "At GE Aerospace, Commercial Engines & Services and Defense & Propulsion Technologies drove double-digit revenue, profit and free cash flow growth in the quarter. Given our solid start to the year and outlook for the remainder of 2024, we are raising our full-year profit and free cash flow guidance. Moving forward as a focused global aerospace leader, we will continue to prioritize safety, quality, delivery, and cost - always in that order - while also investing in our future and driving long term profitable growth."