Protolabs upgraded to Buy at Benchmark after ‘upbeat’ results, guidance

As previously reported, Benchmark analyst Robert Wasserman upgraded Protolabs to Buy from Hold with a $45 price target after the company reported better-than-expected results for Q4 and gave "upbeat" forward guidance. Highlights of the quarter and current year-to-date for Proto Labs included several recent customer projects from existing customers, one in the medical device area and another in the energy industry, the firm noted. On a quarterly basis, the firm forecasts that later quarters in 2023 will show revenue and earnings growth as the economy improves and cost control and new product initiatives gain traction, Benchmark added.