UPDATE: Piper Jaffray Downgrades Rofin-Sinar to Neutral

Piper Jaffray lowers its rating on Rofin-Sinar (NASDAQ: RSTI) and cuts its price target by $5 to $23 a share on the company's lack of meaningful catalysts ahead.

Piper Jaffray says, "We see three key reasons for the downgrade a) We believe Rofin's macro laser market (~40% of Rofin's sales) likely remains tempered over the next several quarters given slow recovery in China and EU along with fiber laser migration that is underway b) Though Rofin plans to double its fiber laser revenue to $80m in FY12, we see its gross margins to be very dilutive to corporate and finally c) With Rofin guiding FY12 revenues of $550-$570m (cons. $600m PJC: $629m) and no meaningful catalyst ahead, we think the stock likely languishes."

RSTI closed at $25.49 a share on Thursday.