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Lincoln Electric (NASDAQ:LECO) on Thursday was downgraded to Perform from a prior investment rating of Outperform by analysts at financial-services firm Oppenheimer. They said the maker of welding equipment is fairly valued after rallying this year.
“We remain genuinely bullish on Lincoln’s (LECO) medium-term growth prospects (levered by the team’s rapidly growing automation platform) and intrigued by newer growth initiatives (particularly electric-vehicle charging),” Bryan Blair, analyst at Oppenheimer, said in a July 20 report.
“Following Lincoln’s (LECO) 65% last 12-month run (up 50% versus the S&P 500), we believe valuation now reasonably accounts for outgrowth runway and partly credits optionality on new ventures,” the report said.
Seeking Alpha contributor Francesco Infusino has a Hold rating on Lincoln Electric (LECO) based on current valuation.
