IPG Photonics -4.1% on Stifel downgrade

• Following a big 2015 rally that led shares to top $100 last week, Stifel has downgraded IPG Photonics (NASDAQ:IPGP) to Hold.
• With the help of a positive Q4 pre-announcement and strong Q1 guidance, the industrial laser maker's shares remain up 28% YTD. They trade for 22x 2015E EPS; the 2015 revenue growth consensus is at 14%.