UPDATE: Stifel Nicolaus Downgrades IPG Photonics Corporation to Hold on Valuation

Stifel Nicolaus reduced its rating on IPG Photonics Corporation

from Buy to Hold and removed its previous $66 price target. Stifel Nicolaus said, "We are downgrading shares of IPG Photonics from Buy to Hold as our analysis indicates a neutral reward to risk profile at current levels, given: (1) IPGP's premium valuation relative to both Commercial Laser peers and historic norms; (2) an expectation of decelerating earnings and revenue growth in 2013; (3) difficult 2013 quarterly comps; and (4) anticipation of increased high power fiber laser competition in 2013/2014." IPG Photonics Corporation closed at $67.72 on Thursday.