This year's Wohlers Report continues to depict a competitive 3D industry whose growth is increasingly fueled by end-parts manufacturing and functional prototyping, JPMorgan analyst Paul Coster tells investors in a research note. 3D Systems (DDD) and Stratasys (SSYS) are struggling to defend market share in a growing 3D production market, owing to stiffening competition from bigger companies that are entering the industrial system space, says the analyst. He keeps an Underweight rating on both names. Coster believes the "paucity of pure-play investable ideas continues to buoy valuation multiples beyond the level justified by actual growth prospects."