Xometry price target lowered to $21 from $22 at UBS

UBS lowered the firm’s price target on Xometry to $21 from $22 and keeps a Neutral rating on the shares. The firm cites weaker top-line guidance and the company pushing EBITDA breakeven to 2025 from 2024 for the price target decrease. Prior to earnings, the shares benefited from the expectation that if buyers were growing in the vicinity of 40% and revenue per buyer was supposed to stabilize towards the end of Q4, then the company could deliver 35%-40% year over year top-line growth in 2024, but the company chose to use Q1-to-date trends for its Q1 and full year 2024 guidance, the analyst tells investors in a research note. The firm expects the shares to remain range-bound until there is visibility into improving manufacturing trends.