ESAB assumed with Buy from Neutral at UBS

UBS upgraded ESAB (ESAB) to Buy from Neutral with a price target of $147, up from $123, after assuming coverage of the name. The target implies 25% upside to current levels. ESAB is a leader in products used for cutting, joining, and welding, with nearly 80% of sales outside of U.S. and diversified end market mix across various industrial verticals, the analyst tells investors in a research note. The firm projects the company’s organic growth will accelerate from 2% in 2025 to 6% in each of the next two years.