ESAB upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded ESAB to Overweight from Neutral with a price target of $125, up from $111. The analyst believes the company is on a path to be a “growth compounder” with a high-teens earnings growth algorithm through 2028. The firm views ESAB’s 2.5%-4.5% organic sales growth guide for 2024 as “prudently conservative.” It says the company’s organic growth will accelerate beyond 2024 as 40% of its mix is indexed to higher growth end markets.