ESAB downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded ESAB to Neutral from Overweight with a price target of $74, up from $70. The analyst also removed the shares from the firm’s Analyst Focus List. The firm continues to believe in ESAB’s long term market share and margin expansion story, but sees some risk to consensus margin estimates in the second half of 2023 amid the PLS initiative in the Americas that is likely to pressure volumes in the region over the next couple of quarters.