UPDATE: Oppenheimer Upgrades Lincoln Electric (LECO) to Outperform
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Oppenheimer analyst Bryan Blair upgraded Lincoln Electric (NASDAQ: LECO) from Perform to Outperform with a price target of $147.00.
The analyst commented, "We are upgrading Lincoln Electric (LECO) to Outperform from Perform given confidence in its attractive demand runway, material earnings upside potential, and supportive valuation. Following many years of tentative industrial investment, we anticipate a significant recovery in capex as business confidence improves and companies invest in the technologies required to be more agile, efficient, and resilient going forward. We view Lincoln Electric as a key beneficiary of renewed capital spending, with its $300M-plus of portfolio "pruning" since 2009 (structural mix enrichment) implying stronger and more profitable growth through the new cycle. In our view, Lincoln's automation & additive strategy remains the most compelling aspect of the story (clear secular underpinning) and a likely source of EPS outperformance and valuation support as growth reaccelerates over the coming quarters."
Shares of Lincoln Electric closed at $127.69 yesterday.
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