IPG Photonics (IPGP) PT Raised to $130 at Needham & Company on Strong Q1 Guidance

Needham & Company analyst James Ricchiuti reiterates Buy rating and raises price target on IPG Photonics Corp (NASDAQ: IPGP) to $130 (from $120), citing the company’s strong first quarter guidance, as management targets 10-14% growth in 2017.

Ricchiuti comments, "IPGP delivered a stellar Q4 report, in line with the upside preannouncement late last month. As previously disclosed, revenues increased 25%, while EPS rose 22% y/o/y. Business was strong across IPGP’s major geographic regions, including over 40% growth in China. The B-T-B was above 1.0, with orders up 50% y/o/ y thus far in 2017. Mgmt provided better than expected guidance for Q1, with revenues expected to be up 18-26% y/o/y, versus expectations of 17% growth. EPS guidance for Q1 was also above expectations; IPGP is targeting 10-14% growth for the full year (despite 3 pts of fx headwind), vs. Street expectations of 11% growth. We are raising our estimates meaningfully for Q1 and FY2017."

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