Needham & Company analyst James Ricchiuti reiterated a Buy rating and boosted his price target on IPG Photonics (NASDAQ: IPGP) to $102.00 (from $98.00) saying the Q1 guide was better than expected with strong bookings continuing into the quarter.

Ricchiuti commented, "IPGP, which preannounced stronger Q4 results earlier this month, provided better-than-expected guidance for the March quarter. The company is off to a strong start in 2015, as the Q4 book-to-bill was above 1.0, with orders strong across its major geographic regions while year-end backlog was up 23% y/o/y. Demand has remained strong thus far in Q1, giving us increased confidence in our estimates for the year. We believe the Q4 results underscore IPGP's strong competitive position, particularly in high-power fiber lasers, and we see considerable runway for growth in existing markets, as well as in new markets such as metals additive manufacturing. We regard IPGP as a unique growth story in the laser market and within our broader universe of advanced industrial tech names."

The firm raised FY 2015 EPS from $4.15 to $4.25 and set FY 2016 EPS at $4.85.

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Shares of IPG Photonics closed at $93.28 yesterday.