JPMorgan analyst Paul Coster lowered his price target for 3D Systems to $9 following the "mixed" Q1 results. 3D beat on currency-assisted revenue but came in light on earnings given lower gross margins and elevated spending, Coster tells investors in a post-earnings research note. The company may be back on track to post unit growth in printer shipments, and some margin expansion on materials, but operating expenses remain elevated, free cash flow is "anemic," and profitability "remains elusive," the analyst contends. He keeps an Underweight rating on 3D Systems.