UPDATE: D.A. Davidson Reiterates Buy Rating, Raises PT on IPG Photonics Corporation

In a report published Monday, D.A. Davidson & Co. reiterated its Buy rating on IPG Photonics Corporation

, and raised its price target from $71.00 to $76.00. D.A. Davidson noted, “While there has been some broad uncertainty about the economic environment in CY13, we point out that manufacturing data in the two key regions for IPGP has been improving lately. The U.S. Manufacturing PMI number recovered from its sub-50% levels and was above 50% (indicating growth) for two of the three months in the December quarter (51.7%, 49.5% and 50.7% in the months of October, November and December). More importantly, the ISM new orders number in the U.S. has been above 50% for the past four months in a row. Similarly, the China HSBC Index has also been above 50% for the past two months indicating some recovery from the bottom. While activity in the Eurozone has remained lackluster, the manufacturing index has been steady within the 45%-46% range over the past five months. We believe some recovery in the manufacturing index in the U.S. and China, and stabilization in the Eurozone should bode well for IPGP's business.” IPG Photonics Corporation closed on Friday at $66.23.