Protolabs initiated with a Buy at Lake Street

Lake Street analyst Troy Jensen initiated coverage of Protolabs with a Buy rating and $29 price target. The company made a "transformational acquisition" of Hubs3D in 2021 and has built a highly automated service bureau using both proprietary software and traditional manufacturing technologies, Jensen tells investors. Growth has slowed, margins have contracted, and recessionary concerns have pushed the shares down to all-time lows following the Q3 earnings release, but he believes the selloff is "overdone" and views the shares as "attractively valued at these levels," Jensen tells investors.