IPGP - IPG Photonics rises as Citi upgrades following 'strong' Q1 results

IPG Photonics (NASDAQ:IPGP) shares rose on Wednesday after investment firm Citi upgraded the semiconductor company following its "strong" first-quarter results, noting that its declining exposure to China may be a benefit. Analyst Jamie Wong upgraded IPG Photonics (IPGP) shares to buy from neutral, writing that the company is likely to face "fewer business uncertainties" than its peers in China in the first-half of 2022 as a result of the Covid-related lockdowns the country is undergoing. "Although China revenue was down 7% [year-over-year], IPGP still managed to register 7% [year-over-year] growth in [first-quarter] thanks to its strategy to diversify its geographic exposure and applications," Wong wrote in a note to clients.  IPG Photonics (IPGP) shares rose more than 3% to $110.25 in premarket trading on Wednesday. In addition, Wong noted that IPG Photonics (IPGP) strong results came from higher sales in welding, related to electric vehicles and manufacturing, as well as medical and

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IPG Photonics rises as Citi upgrades following 'strong' Q1 results