IPG Photonics price target lowered to $116 from $127 at Benchmark

Benchmark lowered the firm’s price target on IPG Photonics to $116 from $127 and keeps a Buy rating on the shares after the company posted “mixed” results and guided to lower results for Q1. However, the firm sees “encouraging signs” for a second half improvement – including recent order trends, customer inventory drawdowns and emerging new opportunities – leading to a rebound later this year and into 2025, the analyst tells investors.