Piper Sandler analyst Troy Jensen says 3D Systems reported "respectable" December quarter results with revenue and earnings beating consensus estimates. However, the earnings upside came from an R&D benefit and tax credits, Jensen tells investors in a research note. Excluding these items, 3D's operating margins and earnings would have been below consensus, says the analyst. He notes that the company also provided some cautious comments regarding Q1 given macro concerns and unknown impacts of the coronavirus. Jensen reiterates a Neutral rating on 3D Systems with a $12 price target.