BofA raised the firm’s price target on ESAB (ESAB) to $130 from $115 and keeps a Buy rating on the shares. While ESAB’s sales came in below expectations, organic growth of 1% was “well ahead” of peers Lincoln Electric (LECO) and Illinois Tool Works (ITW), noted the analyst, who lowered the firm’s 2024 EBITDA estimates 2% on the updated outlook but raised the firm’s price target as the firm feels progress against long term targets and “unique growth vectors warrant the valuation.”
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