• IPG Photonics has had a tremendous year so far.
• There are a number of secular tailwinds which will ensure solid growth for the foreseeable future.
• However, we don’t expect much margin expansion anymore, nor much valuation multiple expansion. Still we can see 30% upside for the shares.

Source: IPG Photonics Is Cutting It – IPG Photonics Corporation (NASDAQ:IPGP) | Seeking Alpha