Piper Jaffray Raises PT On LECO To $95

Piper Jaffray has raised its price target on Lincoln Electric Inc. LECO from $88 to $95 in light of 1Q results. Says Piper Jaffray, in its report, “We continue to view Lincoln as a key component in any portfolio looking to gain exposure to the global build-out of manufacturing and infrastructure. Strong 1Q results were driven by increased market penetration as well as rapid acceptance of new products introduced over the past few years. We believe Lincoln is well positioned to return to previous operating margin levels, owing in part to the success of the rationalization programs initiated during the downturn. Acquisition activity is likely to accelerate as LECO looks to deploy $5.00+ in net cash/share.” Piper Jaffray maintains an Overweight rating on the stock. LECO closed yesterday at $77.88.