UPDATE: Stifel Nicolaus Raises PT on Lincoln Electric Following Strong Quarter Report

In a report published Tuesday, Stifel Nicolaus analyst Stanley Elliott reiterated a Buy rating on Lincoln Electric LECO, and raised the price target from $60.00 to $68.00.

In the report, Stifel Nicolaus noted, “Lincoln Electric reported another strong quarter with significant margin expansion despite softer revenues. Shares of LECO sold off 5.2% compared to 0.4% decline in the S&P as investors grew cautious on a weaker North American results and uncertainties relating to the devaluation impact on the South American segment. While we expect the operating environment to remain challenging through 2013 we remain encouraged by the continued execution by the company. Adjusted EBIT margins improved 150bps y/y and we see opportunities for continued expansion as new products and technology driven solutions become an increasing larger percentage of the revenue mix. We believe yesterday's pull back created an attractive entry point and are increasing our target price to $68.”

Lincoln Electric closed on Monday at $57.76.