UPDATE: Jefferies Increases PT to $103 on Airgas

Jefferies raises its price target from $93 to $103 on Airgas

following the company's acquisition of Industrial Welding Supplies. Rating is reiterated at Buy. Jefferies notes, "Airgas has acquired $30m (sales) Industrial Welding Supplies. We estimate the transaction was valued at roughly 5x-7x LTM EBITDA, or approximately $25-$35m, and that it could be up to $0.01 accretive to EPS in FY13. Separately, we are raising FY13E $0.15 to $4.65 and rolling forward our price target to 18x calendar 2013E, or $103." ARG closed at $89.71 a share on Monday.