IPG Photonics price target raised to $55 from $52 at BofA

BofA analyst Michael Feniger raised the firm’s price target on IPG Photonics (IPGP) to $55 from $52 and keeps an Underperform rating on the shares. Shares fell 13% on the back of weak Q2 guidance what was a function of tariff-related impacts, the analyst tells investors. The firm lowered estimates on the weaker Q2 guidance and tariff impact, but raised its multiple as it believes the book to bill improvement warrants a higher multiple, the analyst tells investors in a post-earnings note.