Lincoln Electric upgraded to Overweight from Sector Weight at KeyBanc

KeyBanc analyst Steve Barger upgraded Lincoln Electric to Overweight from Sector Weight with a $232 price target. The company’s move toward automation and electric vehicle charging stations has resulted in an increasing total addressable market, accelerating revenue growth and margin expansion, the analyst tells investors in a research note. In addition, Lincoln has an “enviable” track record of capital deployment and value creation, says the firm. It says that as Lincoln Electric broadens its product offerings to position for secular trends, it should be looked at it as more of a consistent compounder and less of a traditional cyclical industrial.