Piper Jaffray Maintains Overweight on IPG Photonics (IPGP)

Piper Jaffray is out with its report today on IPG Photonics (NASDAQ: IPGP), maintaining Overweight.

In a note to clients, Piper Jaffray writes, "Following a day with IPG Photonics CFO Tim Mammen, we remain confident that IPG's strong product portfolio has them positioned to preserve their market share dominance in fiber lasers well into the future as they further leverage a sizable first mover advantage through numerous new end market applications to drive growth. We expect the global industrial laser market to be ~$2.5B+ in CY11 with record fiber market share of ~15%+ driven by IPG as they convert previous gas and/or solid-state industrial laser applications. We believe capex planned in CY11 lays the foundation for a ~$600M+ annual revenue run rate. Our price target remains $70."

Shares of IPGP closed Thursday at $55.50, up 2.25% from Wednesday's close.