Piper Sandler analyst Troy Jensen downgraded 3D Systems to Neutral from Overweight with an unchanged price target of $12. The shares closed Monday down 30c to $11.08. The analyst sees limited upside from current valuations and limited 2020 catalysts after his Q4 reseller survey indicated "another struggle this quarter" for 3D Systems. However, consensus estimates are "somewhat achievable" as they reflect less than normal seasonality for Q4 and the company appears to be focused on cost cuts to improve profitability, Jensen tells investors in a research note. The analyst, who notes 3D shares have appreciated nearly 30% since the start of the year, says 2020 does not appear to be a big year for new product introductions. He advises investors to wait for pullbacks before getting more constructive on 3D Systems shares.