Piper Jaffray Comments on Lincoln Electric

Piper Jaffray has published a report on Lincoln Electric LECO reviewing the company's global outlook. In the report, Piper Jaffray wrote, "We remain impressed with Lincoln's drive to continue to move forward on the acquisition front, a move that we believe is incrementally increasing their leading market share position in the metal fabrication market. On Friday AMC, Lincoln announced two deals to extend their product offering across two key growth areas - the energy/infrastructure segment as well as providing cutting process solutions. Including these two deals, Lincoln will have closed four deals this year, with an annual revenue rate of ~$120M. We expect Lincoln to remain acquisitive for the balance of the year, with a balanced approach of geographic and product line extension. Our PT is $52 and we view Lincoln as an excellent way to play the growth in global infrastructure spending." Piper Jaffray rated Lincoln Electric an Overweight with a price target of $52.00. Lincoln Electric closed Friday at $34.22.