Xometry price target raised to $42 from $26 at JMP Securities

JMP Securities analyst Nicholas Jones raised the firm’s price target on Xometry to $42 from $26 and keeps an Outperform rating on the shares. 2023 proved to be a choppy year, characterized by liquidity concerns, cost reductions, margin expansion, and ending the year with an eye for the timeline to top-line growth, and the firm sees many of the same factors in focus for 2024, the analyst tells investors in a research note. Xometry is JMP’s top SMID cap pick, and the firm views Xometry as well positioned to continue winning share of a highly fragmented and disjointed end market, particularly as rates decline, increasing industrial production.