UPDATE: Stifel Nicolaus Initiates Buy, $56 on Lincoln Electric Holdings

Stifel Nicolaus initiates its coverage on Lincoln Electric Holdings

with a Buy rating and a price target of $56 as the company should see demand momentum in key markets for 2012. Stifel Nicolaus says, "Lincoln's end markets touch a broad segment of the global economy. While these markets are rather diverse, they are still highly cyclical. Generally speaking, we see the demand momentum continuing into 2012 for many key end markets. Lincoln Electric is the global leader in the highly fragmented welding market. Lincoln commands a leading share position in the North American market, but share outside of North America is somewhat less on a relative basis. Lincoln Electric has considerable financial resources with a $3.05 net cash per share position." LECO closed at $46.05 a share yesterday.