Piper Jaffray Overweight On Lincoln Electric Inc. (LECO)

Piper Jaffray has an Overweight rating and a $74 price target on shares of Lincoln Electric Inc. LECO. In a note to clients, Piper Jaffray writes, "We expect Lincoln to post solid 4Q10 results, with opportunity for upside when they report on Friday. We see numerous positive catalysts coming together for strong growth continuing well into CY12 and would continue to be buyers of the stock. As we outlined in our Feb 7th note, we expect LECO to continue to aggressively put its strong cash position to work in CY11. Op. Margins remain 200+bps below peak and we see room for further growth in CY11, potentially adding $0.40 to our Street high CY11 EPS of $3.72." Shares of LECO closed at $70.64 yesterday.