IPGP stock rose in morning trade on January 20, 2021, after Needham upgraded the stock.
Needham analyst James Ricchiuti upgraded IPG Photonics to Buy from Hold with a $280 price target. The analyst notes that following two years of declining revenues, he is more confident in the company’s sustained recovery given the improving U.S. manufacturing data through November, the continued strength in China’s industrial economy, and a growing contribution from IPG’s emerging products and applications. Ricchiuti contends that IPG Photonics is positioned for a “solid” business rebound in 2021, with a path for the company to achieve and possibly exceed earnings last reached in 2017-2018 during 2022.
On January 7, 2021, IPG Photonics Corporation (NASDAQ: IPGP) announced that the Company has appointed Ms. Jeanmarie Desmond and Ms. Natalia Pavlova to its board of directors, effective January 7, 2021. Mr. Igor Samartsev, the Company’s chief technology officer, is stepping down from his board seat.
“We are delighted to welcome Jeanmarie and Natalia to IPG’s board of directors,” said Dr. Valentin Gapontsev, the chair and chief executive officer of IPG Photonics. “Jeanmarie’s broad financial expertise and experience in a large innovation-driven company will be invaluable to our efforts to capitalize on growth opportunities across our vertical and geographic markets. Natalia strengthens the connection between the Company’s founding members and our board, further aligning the board with the interests of all IPG stockholders. On behalf of the board and the entire company, I also would like to thank Igor for his 14 years of service as a director. We look forward to his continued contributions to IPG Photonics as our chief technology officer.”
Ms. Desmond is the former chief financial officer of DuPont. She was previously co-controller and head of finance for DowDuPont’s Specialty Products Division, overseeing the division’s strategic planning, portfolio integration, and financial reporting. Prior to the merger of Dow and DuPont, Ms. Desmond served as vice president and controller of DuPont. During her more than 25 years with DuPont, she was responsible for a number of key strategic areas including finance leadership and operations, financial planning and analysis, tax, internal audit, accounting controls, risk management, mergers and acquisitions, and investor relations. Ms. Desmond will also become a member of the Audit Committee of the IPG Board.
Ms. Pavlova is the spouse of Mr. Samartsev and the former daughter-in-law of Dr. Gapontsev. In addition to her extensive knowledge of the Company’s history and corporate culture, Ms. Pavlova is a significant shareholder, with a demonstrated commitment to the Company’s long-term success.