BofA Downgrades IPG Photonics - Read Why - IPG Photonics (NASDAQ:IPGP)

BofA analyst Michael Feniger downgraded IPG Photonics Corp IPGP to Neutral from Buy with a $178 price target, implying a 13% upside.
China is the company's largest region by "a wide margin," and the country's government's ambition towards higher levels of industrial manufacturing and increased adoption of laser technology presents "a range of risks near-term," said Feniger.
Feniger also notes that the stock's 28% decline year-to-date already reflects some level of concern.
IPG is a vertically integrated developer and manufacturer of high-performance fiber lasers, fiber amplifiers, and diode lasers for diverse applications in manufacturing, automotive, industrial, aerospace, semiconductor, and consumer end markets.
IPG missed its Q2 FY21 revenue and EPS consensuses and issued weak Q3 guidance.
Price Action: IPGP shares traded lower by 0.81% at $158.23 on the last check Monday.

BofA Downgrades IPG Photonics - Read Why