Stifel analyst Patrick Ho resumed coverage of IPG Photonics with a Buy rating and $282 price target, citing his view that the company will maintain its "unrivaled" market share leadership in the fiber laser market.

IPG Photonics announced that its Board of Directors has appointed Mark Gitin, 57, as the next Chief Executive Officer, CEO, of the Company and as a member of the Board, effective June 5, 2024. Dr. Gitin's appointment follows a robust succession planning process, which was conducted with the assistance of a leading independent search firm and considered both internal and external candidates. Following Dr. Gitin's addition, the Board will expand to 11 members. Dr. Gitin will succeed Dr. Eugene Scherbakov, 76. Dr. Scherbakov is a co-founder of IPG and has spent 30 years with the Company. He will remain a member of the Board and serve as an advisor to the newly appointed CEO.

"Despite a challenging first quarter, our book-to-bill was slightly above one for the first time since the first quarter last year, which may indicate that industrial demand is stabilizing and could start to improve modestly later in the year," concluded Dr. Scherbakov. For the second quarter of 2024, IPG expects revenue of $240 million to $270 million, consensus $273.07M. The Company expects the second quarter tax rate to be approximately 25%, including certain discrete items. IPG anticipates delivering earnings per diluted share in the range of $0.30 to $0.60.