IPGP - IPG Photonics downgraded at Raymond James on Russia conflict COVID costs

IPG Photonics (NASDAQ:IPGP) shares fell in premarket trading after Raymond James downgraded shares, citing Russia's invasion of Ukraine, new COVID-19 related concerns and an increase in costs. Analyst Brian Gesuale downgraded shares to underperform from market perform and lowered earnings estimates, noting that even though IPG Photonics (IPGP) shares have fallen 43% since Raymond James downgraded the stock on November 20, there could be "further downside."  "Shares have now begun to bake in the company’s cost exposure to Russia but may not have fully baked in potential demand destruction a weaker Europe brings, incremental share loss risk, and a higher longer term cost structure as it reduces its emphasis on Russia as a low cost/IP safe region of production," Gesuale wrote in a note to clients. IPG Photonics (IPGP) shares fell slightly less than 1% to $109.79 in premarket trading. In addition, Gesuale also noted that China, IPG's largest segment, is now

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IPG Photonics downgraded at Raymond James on Russia conflict, COVID, costs