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Fly News Breaks for October 31, 2018
IPGP
Oct 31, 2018 | 08:21 EDT
DA Davidson analyst Thomas Diffely lowered his price target on IPG Photonics to $180 after its in-line with the pre-announcement earnings for Q3 and a "significantly lower" than expected outlook for Q4. The analyst points to a "meaningful sequential decline" in sales in Europe and China as well as the uncertainty around the overall demand for industrial lasers in the region. Diffely also keeps his Buy rating longer term, stating that IPG Photonics is a "clear market leader, has the lowest cost structure, and will be a key beneficiary when markets recover and secular adoption continues."
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