IPGP - IPG Photonics slammed as Needham downgrades on Russian exposure

IPG Photonics (NASDAQ:IPGP) shares fell sharply on Thursday, as investment firm Needham downgraded the semiconductor company, noting its exposure to Russia has weighed heavily on its outlook. Analyst James Ricchiuti, who previously had a buy rating on the stock, lowered it to hold, noting that the worries over the company's exposure to Russia was warranted, but the situation is not getting better, prompting the downgrade. "With nearly $1.5B of net cash, we believe there is support to the stock at current levels," Ricchiuti wrote in a note to clients. "That said, we believe the uncertainty over our 2022 and 2023 estimates warrants moving to the sidelines." IPG Photonics (IPGP) shares fell nearly 9% to $114.14 in early Thursday trading. In addition, although IPG Photonics (IPGP) has noted that its facilities in Russia are operating and manufacturing optical components for its operations in the U.S., Germany and China, the company is working on

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IPG Photonics slammed as Needham downgrades on Russian exposure