Piper Jaffray Overweight On IPG Photonics (IPGP)

Piper Jaffray has an Overweight rating and a $83 price target on shares of IPG Photonics IPGP. In a note to investors, Piper Jaffray writes, "According to the International Federation of Robotics, orders for industrial robots doubled y/y in 2010 returning to pre-recession peaks with increasing use in heavy machinery and automotive metal processing applications. Trade associations continued to report strong growth (30%+) in the first quarter of 2011 as efficiency advantages, affordability, and robotic welding are among the factors driving the trend. We believe IPGP, LECO and RSTI are each well positioned to benefit from increasing adoption of robotics related solutions, with IPG and Rofin benefiting from increased use of laser technology to enable new robotic material processing applications while Lincoln benefits from their broad automated welding solutions including planned hybrid laser welding solutions utilizing IPG's fiber laser sources." Shares of IPGP gained 39 cents yesterday to close at $64.08, a gain of 0.6%.