UPDATE: Oppenheimer Upgrades Lincoln Electric (LECO) to Outperform

June 22, 2021 5:45 AM EDT
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Price: $137.83 +0.47%

Rating Summary:
    9 Buy, 10 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 22 | Down: 25 | New: 45
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(Updated - June 22, 2021 9:05 AM EDT)

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."

For an analyst ratings summary and ratings history on Lincoln Electric click here. For more ratings news on Lincoln Electric click here.

Shares of Lincoln Electric closed at $127.69 yesterday.


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