Shares of Xometry may be poised for more upside in the coming months, according to JPMorgan. Analyst Cory Carpenter upgraded the artificial intelligence -powered industrial marketplace to overweight from neutral, raising his price target by $20 to $45. That updated target reflects about 21% upside from Tuesday’s close. “We are turning bullish now as we expect XMTR share gains to accelerate in an environment with tariff/supply chain uncertainty, which combined with company-specific growth initiatives (i.e., enterprise, instant quoting, international), a turn in recent macro indicators (i.e., ISM new orders, small business sentiment), potential for more of an onshoring push under the new administration, and improved execution under CFO James Miln provides a number of ‘ways to win’ in 2025,” the analyst said in a note to clients on Wednesday. XMTR 1Y mountain Xometry, 1 year Looking ahead to next year, Carpenter forecasts that the company’s total revenue growth will accelerate to 19%, which would be up 2% from the 17% growth in 2024. He also noted that the company expects to post positive adjusted EBITDA this year, seeing incremental margins of about 20% from there. “We believe XMTR is one of the best secular growth stories across our coverage universe over the next three to five years, with the biggest risks in 2025 being a further contraction in the US manufacturing industry and limited valuation support,” Carpenter also said. Wall Street is mostly bullish on the name as well. Among the 10 analysts covering it, six have a strong buy or buy rating, according to LSEG data. Meanwhile, three have a hold rating. Xometry provides the manufacturing of industrial parts on demand using 3D printing and other technologies. It deploys AI in its price quoting engine. While shares have only risen more than 3% this year, they’ve outperformed the broader market in recent months, seeing a one-month gain of more than 25% and a six-month gain of more than 196%. Following Carpenter’s call, the stock rose around 4% in premarket trading Wednesday.
JPMorgan upgrades a unique, AI-related stock, sees more than 20% upside