IPG Photonics price target lowered to $100 from $127 at Raymond James

Raymond James lowered the firm’s price target on IPG Photonics to $100 from $127 and keeps a Strong Buy rating on the shares. IPG’s Q2 results were essentially in-line, while next-quarter guidance was soft, and the company gave a 10% revenue haircut to forward sales with significant diseconomies of scale reflected in the earnings revisions, the analyst tells investors in a research note. The firm is hopeful that new CEO Mark Gitin can inject some positive change organizationally/strategically.