Citi double-downgrades IPG Photonics to Buy on business recovery

Citi analyst Jamie Wang gave IPG Photonics a double upgrade (IPGP) to buy from sell with a Price target from $68 after the Q3 report to $105. The company expects the company’s business recovery to continue in the third quarter due to increasing demand for welding and micromachining. IPG posted positive year-over-year revenue growth after 12 consecutive quarterly declines, the analyst told investors in a research note.

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