IPG Photonics gains after Raymond James upgrades to "outperform"

IPG Photonics

14/06/2023 15:57

** Shares of electronic equipment maker IPG Photonics
 IPGP.O  up 14.9% at $134.55
    ** Raymond James upgrades IPGP to "outperform" from "market
perform", sets Street-high price target of $170 
    ** The new PT represents a 45.2% upside to the stock's last
close
    ** Says co's electric vehicle (EV) battery capex would
present a substantial growth cycle for the company 
    ** Says EV vertical would approach 50% of IPGP's revenue by
2025 and it is underappreciated by Wall Street 
    ** 4 of 10 brokerages rate the stock "buy" or higher, 5
"hold" and 1 rates it at "sell"; their median PT is $134 -
Refinitiv
    ** Including the session's gains, stock is up ~42% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))