Xometry upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Xometry (XMTR) to Overweight from Neutral with a price target of $45, up from $25. Xometry is the leading marketplace for custom manufacturing, a $2 trillion industry early in the shift online, the analyst tells investors in a research note. The firm is turning bullish now as it expects the company’s share gains to accelerate in an environment with tariff and supply chain uncertainty. This is combined with company-specific growth initiatives and a turn in recent macro indicators, adds JPMorgan. It believes Xometry is one of the best secular growth stories across its small cap internet coverage universe over the next three to five years.