Piper Jaffray Overweight On IPG Photonics

Piper Jaffray has an Overweight rating and a $83 price target on shares of IPG Photonics IPGP. In a note to clients, Piper Jaffray writes, "We continue to see upside in IPG shares following a visit to Prima North America's Laserdyne facility. Our visit highlighted laser system use in machining components for land and aerospace based turbine engines. Laserdyne systems represent 70%+ of the global installed base of turbine engine laser cutting systems, and often incorporate IPG's fiber lasers due to advantages related to size, cutting speed and wall plug efficiency among others. While IPG shares have traded off in relation to disappointing results from communications focused optical players, we believe those results have little relation to IPG's primarily industrial end markets. We remain buyers in anticipation of continued strong results in the quarters ahead." Shares of IPGP closed at $65.21 yesterday.