ESAB price target raised to $138 from $122 at Oppenheimer

Oppenheimer raised the firm’s price target on ESAB (ESAB) to $138 from $122 and keeps an Outperform rating on the shares. The firm notes Shares jumped +12.7% after ESAB reported a solid 3Q beat and reiterated confidence in core outgrowth plus accretive capital deployment going forward. Given solid year-to-date results and run-rate trends, management raised 2024 guidance ranges. Oppenheimer remains encouraged by ESAB’s HGM outgrowth, mix-accretive NA equipment share gains, and cap deployment optionality.