Citi downgraded IPG Photonics to Sell from Neutral with a price target of $74, down from $111. The analyst cut 2024 and 2025 earnings forecasts by 22% and 16%, respectively, post the Q4 report to factor in the challenging outlook which the firm says can be seen from IPG’s “weak” Q1 guidance. Compared to its previous expectation that IPG could see an earnings recovery in 2024, Citi now expects the turnaround to postpone to 2025 given global macro headwinds in 2024. The company is seeing no signs of a recovery in China while any interest rate cut could eventually be negative to the bottom line, the analyst tells investors in a research note.
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Read More on IPGP:
- IPG Photonics price target lowered to $115 from $130 at Stifel
- IPG Photonics price target lowered to $116 from $127 at Benchmark
- Correction: Interpublic Group did not issue Q1 guidance this morning
- IPG Photonics sees Q1 EPS 30c-60c, consensus $1.01
- Correct: IPG Photonics sees Q1 EPS 30c-60c, consensus $1.01
