Piper Jaffray is out with a research report on IPG Photonics IPGP and it has an Overweight rating and a $86 price target on shares.
In a note to clients, Piper Jaffray writes, "Following our channel checks in the material processing space, we continue to favor shares of IPG into the company's 3Q results scheduled to be released BMO Tuesday November 1st. Our checks continue to point towards accelerating fiber laser adoption by system OEM's as IPG displaces older technology and more recently begins to focus on displacing CO2 lasers, especially in the sheet metal cutting markets, which used to be the sole domain of CO2 products. We see potential for upside to guidance driven by strong operating leverage from significant revenue upside. We believe the dismissal of the patent case removes a significant issue that consumed much of management's time and efforts that can now be re-directed towards market and product issues."
Shares of IPGP gained $3.46 on Friday to close at $54.91, a gain of 6.72%.
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