J.P. Morgan upgrades Xometry to 'overweight'

Xometry

18/12/2024 13:28

** Shares of AI-powered marketplace for manufacturing
resources Xometry  XMTR.O  up ~5% at $39 premarket
    ** J.P. Morgan upgrades stock to "overweight" from "neutral"
and raises PT to Street-high of $45 from $25 on many "ways to
win" in 2025
    ** Sees share gains accelerating with tariff, supply chain
uncertainty, turn in recent macro indicators, and potential for
more of an onshoring push under new administration
    ** Notes that co's preliminary 2025 outlook conservatively
assumes no macro improvement
    ** Believes XMTR is one of the best secular growth stories
over the next three to five years, with biggest risks in 2025
being further contraction in U.S. manufacturing industry and
limited valuation support
    ** Seven of ten brokerages rate the stock "buy" or higher,
two "hold" and one "sell"; with a median PT of $30- data
compiled by LSEG
    ** Up to last close, stock had risen ~4% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))