Craig-Hallum analyst Greg Palm initiated nLight (LASR) with a Hold rating and $20 price target and advises waiting for a more attractive entry point. In a research note to investors, Palm says laser systems are taking increasing share in the broader machine tool industry, fiber lasers are gaining vs. traditional laser technologies like CO2 and YAG, and believes nLight is well-positioned to take share from IPG Photonics (IPGP) and others due to second sourcing and product differentiation. That said, he believes outsized exposure to China, a general slowing in industrial end markets and recent pricing pressure will keep a lid on overall sentiment and the stock in the near term.