UPDATE: Stifel Nicolaus Raises PT to $60 on Lincoln Electric Holdings on Execution, Margins

Stifel Nicolaus maintained Lincoln Electric Holdings (NASDAQ: LECO) with a Buy rating and raised the price target from $56.00 to $60.00.Stifel Nicolaus noted, "The ability to maintain and even expand margins in the face of a softer environment should keep investors interested in the investment story. Lincoln does not provide guidance, but commented that y/y growth will likely slow in 1H13. While looking at a modest growth environment in 2013 channel inventory remains relatively lean meaning any lift in the macro outlook would be quite positive for operations and leveraging these additional volumes. Until then, we see a company executing at high levels, capturing market share and maintaining/expanding margins, even in the midst of challenging conditions."Lincoln Electric Holdings closed at $55.91 on Friday.