UPDATE: Piper Jaffray Raising Price Target On IPG Photonics

Piper Jaffray is out with a research report on IPG Photonics IPGP and it is raising its price target to $86 from $85, and it has an Overweight rating after it reported earnings. In a note to clients, Piper Jaffray writes, "IPG's 2Q results followed the script laid out in PJC's preview as material processing applications drove upside to our above consensus estimates. IPG provided an impressive 3Q guide as an exclamation point to the results. We remain in the mid stages of a global transition to fiber based laser material processing, as expanding market share in existing applications and newly developed applications appear to be trumping indications of slowing industrial growth. We are increasing our PT to $86 from $85 and adjusting estimates to reflect the results and guidance. We continue to highlight IPG shares as a top pick." Shares of IPGP gained $2.34 yesterday to close at $63.10 yesterday.