With IPG Photonics (IPGP) having entered its downturn a bit ahead of the pack, and management doing a relatively good job of preserving margins, these shares have managed to outperform industrial peers since my last review of the company, while also doing a little better than the S&P 500.
I like IPG's leverage to short-cycle industrial recoveries in 2021, as well as its automation-enabling technology and some potential leverage from reshoring. And of course we are talking about a company with very good margins. What I don't like is the prospect of intensifying