D.A. Davidson Maintains IPG Photonics Buy, $65 PT
D.A. Davidson maintained its IPG Photonics (NASDAQ: IPGP) Buy rating and $65 price target in a research report published today.
In the report, D.A. Davidson stated, "Recent weakness in Manufacturing PMI numbers in the U.S., China (HSBC index) and the Eurozone have been a concern for investors as manufacturing activity is the key business driver for IPGP. We point out that despite macroeconomic concerns, commentary from IPGP management has remained unchanged throughout the quarter (including during our Annual Technology Forum in New York on 5/30/12)."
Later in the report, D.A. Davidson noted, "Given our high growth expectations from fiber lasers, we believe IPGP deserves to trade at a premium to the peer group."
Shares of IPG Photonics closed Tuesday at $45.30, up 4.89% from Monday's market close.
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