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3D Systems Corp. (NYSE: DDD) had what we called a very poorly priced secondary offering to raise acquisition capital last week. What stands out for this 3D printing leader is that the stock is already back up over where it was before the offering, and one of the analysts in the underwriting group is already reiterating a Buy rating and raising the price target to a new street-high compared to other analysts.

Today’s positive analyst call came from Canaccord Genuity, which was a co-lead manager with Piper Jaffray, behind Needham & Company as the book-running manager. The firm’s Bobby Burleson reiterated his Buy rating and raised his price target up to $50 from $45 in the call. That is above the consensus price target of $42.75. Today’s raised price target is now also a street high, as Thomson Reuters shows that 3D’s top price target was $45 on the stock.

Earnings per share are being geared down, but that is due to share dilution after the offering rather than due to sales changes. The firm’s new model was revised down from $1.12 to $1.06 per share for 2013 and down from $1.62 to $1.52 per share for 2014. Be advised that the firm is signaling that today’s adjusted share price is 33 times its 2014 earnings per share target.

Revenue remains unchanged at $115.0 million for the second quarter of 2013 and unchanged at $485 million for all of 2013. The 2014 revenue estimate is unchanged at $614 million. Here is the consensus from Thomson Reuters: $110.8 million for Q2, $469.77 million in 2013 and $576.8 million in 2014.

Berleson’s research note said:

We are increasing our price target following healthy appreciation for 3D Systems shares over the past month. While share count increases slightly on recent secondary, we believe 3D Systems can deliver upside to consensus estimates driven by strong printer and services revenue. We also expect multiple expansion as the company moves into the commercialization phase for Bespoke (carpal tunnel braces) in the second half of this year.

Those who bought 3D Systems on the secondary are already up 10%. That offering went off at $40 per share and the overallotment was exercised. Shares are up 1.2% at $44.38 as of early Monday trading.