Piper Jaffray analyst Troy Jensen lowered his price target for 3D Systems to $12.50 from $18 saying the company reported "weak" results and missed Street expectations across the board. The main cause of the weakness was a technical problem in the company's material handling system for its metal 3D printers, which prevented $8M in sales in Q1, Jensen tells investors in a research note. However, the analyst continues to believe that underlying demand from production applications is improving and should provide a tailwind for 3D Systems and the rest of the industry. He reiterates an Overweight rating on the shares.