Needham & Company Upgrades IPG Photonics (IPGP) to 'Buy' Following Market-Driven Selloff After Strong Q3 Report

Needham & Company upgraded IPG Photonics (NASDAQ: IPGP) from Hold to Buy with a price target of $60.00.

Needham analyst says, "We are upgrading our rating on IPGP following the company’s strong Q3 performance and solid Q4 outlook. Q3 revenues increased 62% y/o/y while EPS surged 136%, coming in at the upper end of guidance. Management guided to Q4 revenue growth of 21%-34%. With the IMRA IP issue seemingly behind the company, we believe macro issues are the major remaining overhang on the stock. However, with the stock trading at less than 17x our 2012 EPS estimate (adjusted for net cash), we recommend growth-oriented take advantage of yesterday’s 6% market-driven selloff in the stock and accumulate the shares."

For more ratings news on IPG Photonics click here and for the rating history of IPG Photonics click here.

Shares of IPG Photonics closed at $49.85 yesterday.

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