DA Davidson Reiterates Buy, $65 PT on IPG Photonics on Laser Adoption Company Comments

DA Davidson remains Buy-rated on IPG Photonics IPGP and reiterates its price target of $65 per share. DA Davidson comments, "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). While investors have been concerned about China, IPGP expects revenues from China to grow sequentially during CQ2. Additionally, IPGP continues to expect strong penetration of its recently introduced products into the market (particularly pulse and QCW lasers). The auto industry has been qualifying fiber lasers for some timean recent results have indicated very high returns from the adoption of fiber lasers, which should drive meaningful adoption in the second half of 2012." IPG closed at $11.38 on Tuesday.