IPG Photonics upgraded to Outperform from Market Perform at Raymond James

Raymond James analyst Brian Gesuale upgraded IPG Photonics to Outperform from Market Perform with a $170 price target. The analyst says electric vehicle battery capacity capex presents a “substantial growth cycle” for the company. The electric vehicle vertical will approach 50% of IPG revenue by 2025 and is underappreciated in current Street models, the analyst tells investors in a research note. The firm says battery growth creates “substantial earnings upside in both recessionary and expansionary macros.”