IPG Photonics price target lowered to $64 from $78 at BofA

BofA lowered the firm’s price target on IPG Photonics (IPGP) to $64 from $78 and keeps an Underperform rating on the shares. Q4 results were broadly in line with expectations, but the stock fell on weak Q1 guidance and some commentary on the competitive dynamic, the analyst tells investors. A continued weak demand backdrop, on top of some rising competitive pressures as low-cost Chinese suppliers enter marketplaces likely weighed on the outlook, the analyst contends.