Lincoln Electric assumed with Hold from Buy at Jefferies

Jefferies analyst Stephen Volkmann downgraded Lincoln Electric (LECO) to Hold from Buy with a price target of $280, down from $350, after assuming coverage of the name. Lincoln is a welding provider with “solid leverage” to an industrial recovery, the analyst tells investors in a research note. However, Jefferies believes the recovery is already well-captured in consensus estimates “and may not fully materialize.” This could pressure the company’s estimates or valuation, it contends.