Protolabs price target raised to $36 from $30 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Protolabs (PRLB) to $36 from $30 and keeps a Hold rating on the shares. The firm says Proto Labs reported surprisingly strong Q3 results, with metrics beating expectations across the board as activity rebounded moderately in August/September and the Network offering continues year-over-year growth along with strong gross margin performance. While Craig-Hallum applauds the internal improvements and has a more optimistic view on the stock, there is still uncertainty in the overall demand environment, which keeps the firm on the sidelines for now.