Piper Jaffray Reiterates Overweight on IPG Photonics (IPGP)

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

In a note to clients, Piper Jaffray writes, "We continue to see upside in IPG shares after completing a recent factory tour that included IPG's applications lab. We believe traction with IPG's innovative Quasi Continuous Wave Fiber Lasers continues to build after last year's successful launch, as end users continue to recognize the application flexibility advantages the QCW line represents. In addition, pull through of IPG's lasers from integrators across the globe remains a key element of demand and application expansion. We would use recent weakness to add to positions ahead of the 1Q results in early May."

Piper Jaffray has a $70 PT on IPGP.

Shares of IPGP closed Tuesday at $53.98, down 5.46% from Monday's close.