IPG Photonics price target raised to $124 from $100 at Bernstein

Bernstein analyst Jay Huang raised the firm’s price target on IPG Photonics to $124 from $100 and keeps a Market Perform rating on the shares. The firm notes IPG recorded net loss in Q4, mainly due to one-off impairment from Russia assets. However, the adjusted GP margin of 40.4% was still below expectation, largely due to inventory provisions, shipping costs and import duties. These factors will likely continue to pressure margin in the coming 2-3 quarters, Bernstein says. The firm remains cautious of the near-term outlook.