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Fly News Breaks for June 29, 2016
IPGP
Jun 29, 2016 | 06:39 EDT
Canaccord analyst Bobby Burleson upgraded IPG Photonics to Buy and raised its price target to $90 from $85. The analyst said further share weakness related to Brexit results has created an attractive entry point and believes the worst of negative earnings revisions is behind the company. Burleson said IPG's long-term opportunity remains intact based on an outlook for continued fiber laser share gains in metal processing and believes a return to solid year-over-year growth will boost investor confidence and allow for valuation expansion.
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