Piper Jaffray Raises IPG Photonics PT To $66 (IPGP)

Piper Jaffray raised its IPG Photonics IPGP price target to $66 from $42 in a research report published today. In the report, Piper Jaffray states, "We believe IPG continues to enjoy a significant technology advantage relative to competition and is positioned to achieve exceptional earnings leverage for the foreseeable future. We remain early in the global secular change toward more industrial applications for fiber lasers and IPG still has not tapped into the replacement market, which in our view has significant opportunity owing to the improved efficiencies and lower operating costs of fiber lasers." Shares of IPG Photonics were at $47.05 in pre-market trading at the time of posting, down 1.20% from Thursday's market close.