Piper Jaffray Maintains Overweight on Lincoln Electric

Piper Jaffray is out with its report today on Lincoln Electric LECO, maintaining Overweight. In a note to clients, Piper Jaffray writes, "Despite mixed results from competitors, we continue to expect strong 2Q results from Lincoln as the company continues to benefit from favorable external trends in global steel production and manufacturing automation, as well as geographic diversification, recent product introductions and acquisitions. We are looking for ~20% y/y top-line growth headlined by robust emerging market growth." Piper Jaffray maintains a $47 PT on LECO. Shares of LECO closed Monday at $34.91, down 1.80% from Friday's close.