ESAB upgraded to Buy from Neutral at BofA

BofA upgraded ESAB to Buy from Neutral with a price target of $89, up from $61. When the firm initiated coverage of the welding, gas control and automation company in March, it saw the potential for improved through-the-cycle performance, but cited a lack of a public track record for its Neutral rating. However, it now contends that ESAB is executing better than expected and has a “renewed appreciation” of it portfolio, says the analyst, who views the company’s upcoming investor day as a catalyst for the shares.