Seaport Research upgraded Lincoln Electric to Buy from Neutral with a $210 price target. The analyst cites the company’s improving business model and potential for an improving 2024 outlook for the welding sector for the upgrade. The firm believes Lincoln has done an “excellent job” with acquisitions and new product development to position it for future profitable growth. The coming months could be a period for the U.S. ISM to recover back to over 50, which should be correlated with strong future U.S. welding demand, contends Seaport.
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