3D Systems: Healthcare And Metal Pivot Drives Re-Rating

  • Initiate Strong Buy on 3D Systems with $4 PT, driven by healthcare and metal additive manufacturing pivots, despite near-term topline headwinds. Cost structure reset and Geomagic divestiture provide margin stabilization, liquidity, and operational flexibility, positioning DDD for a post-FY25 recovery. Healthcare and dental expansion, especially NextDent 300, are underappreciated catalysts for revenue growth and market re-rating into FY26.