ESAB price target raised by $12 at Stifel, here’s why

Stifel raised the firm’s price target on ESAB to $104 from $92 and keeps a Buy rating on the shares after attending ESAB’s analyst day in New York and coming away “enthusiastic” about the growth and margin expansion opportunities. Despite the very strong share performance since the spin, the stock “still looks very cheap to us,” says the firm, which thinks investors can expect multiple expansion to go along with the low-teens earnings CAGR implied by the company’s 2028 guidance.