3D Systems Corp. (NYSE: DDD) is supposed to be the leader of the 3D printing sector. If Canaccord Genuity is right, then 3D Systems could recapture much of its lost value of late. In fact, the firm’s official price target remains $100.

Canaccord Genuity’s Bobby Burleson and Prabhakar Gowrisankaran issued a research report on 3D Systems on Friday. The report was supporting a positive outlook after meeting with the company’s chief financial officer.

The analyst checks at the Inside 3D conference in New York indicated strong momentum for its Phenix machines, as well as a strong close to its first quarter. While this $100 price target sounds very high, just keep in mind that Canaccord Genuity’s estimates and price target are actually unchanged.

The report said:

DDD gaining share in metal demand for Phenix machines is strong and we believe the company is able to ship between 15 to 20 machines per quarter exiting the first quarter. Capacity is expanding and we forecast $40 million in revenue for 2014. Importantly, 3D Systems remains overbooked for Phenix and can ship everything it builds. At this run rate, we see 3D Systems exiting 2014 with substantial market share for powder bed fusion systems. While several processes are capable of producing metal parts, we see powder bed fusion (PBF) better positioned for series production in metal when compared to directed energy deposition and binder jetting.

Another standout comment was that Arcam and 3D Systems should benefit as public AM suppliers shipping metal-capable machines. Also, the acquisition of Medical Modeling brings expertise in orthopedic implants, surgical models and custom surgical guides.

Canaccord’s revenue expectations for the first quarter were unchanged at $151.0 million, and 2014 is unchanged at $710 million. Expected revenue for 2015 is unchanged at $949.5 million. The firm’s non-GAAP earnings are unchanged at $0.16 per share for the first quarter, as well as unchanged at $0.83 per share for 2014 and $1.42 per share for 2015.

The firm’s $100 price target is based on 11 times its 2015 sales estimate of $949.5 million. 3D Systems shares closed at $56.46 on Thursday. The consensus price target from Thomson Reuters is $84.59, but the official street-high price target on the stock remains $115.

While this was not a major point in the report, we did note recently that the Hewlett-Packard efforts in 3D printing are not looking like the great challenge that they were expected to be. Also, there is the reminder that Barron’s gutted the 3D printing sector.

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