IPGP - IPG Photonics rises after Q4 results Stifel upgrades on valuation

IPG Photonics (NASDAQ:IPGP) shares rose in premarket trading on Wednesday after the optical laser manufacturer posted fourth-quarter results that beat expectations, resulting in an upgrade from Stifel on strong fundamentals and an "attractive" valuation. Analyst Patrick Ho upgraded the stock to buy from hold and maintained the $170 price target, noting that while investors could be "disappointed" due to a "muted" outlook for the first-quarter and 2022, IPG moving away from the Chinese cutting market should be seen as a positive. With the stock "likely at a bottom," the time was right to upgrade shares. "On a fundamental basis, we have argued for greater diversification for IPG and the industry, and this initiative is becoming clear in its financials," Ho wrote in a note to clients. "We had noted that the stock was more 'interesting' following the market pullback and our upgrade now reflects a much more attractive stock for

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IPG Photonics rises after Q4 results, Stifel upgrades on valuation