JPMorgan analyst Paul Coster downgraded 3D Systems (DDD) to Underweight from Neutral with the shares up 14% year-to-date.

The current multiple prices in a return to growth that will prove premature, Coster tells investors in a research note. He expects 3D Systems will underperform the mean of his coverage over the next 6-12 months but does not view the stock as a good short.

The analyst keeps an $11 price target on the shares. 3D Systems closed yesterday down 50c to $9.82.