IPGP - IPG Photonics rises after Raymond James upgrades on potential earnings upside

2023-06-14 12:22:46 ET

IPG Photonics ( NASDAQ: IPGP ) rose ~14% on Wednesday noon after Raymond James upgraded the laser products company on potential earnings upside.

The ratings agency raised the company's ratings to Outperform from Market Perform, increasing the price target to $170 from $117.06.

The agency said electric vehicle battery capacity cap-ex presents a substantial growth cycle for the company, and the EV vertical will approach 50% of IPG revenue by 2025. The battery growth creates substantial earnings upside in either a recessionary or expansionary macro for the company.

Raymond James ratings are in line with the ratings from Seeking Alpha's Quant Rating system, which stands at Buy.

Wall Street analysts also give the stock a Buy rating, with an average price target of $138.14.

Meanwhile, SA analysts give the stock a Hold rating.

The stock has rallied in recent months after a long decline, but that does not necessarily mean the coast is clear, SA contributor MarketGyrations said in a recent research note.

For further details see: