Stifel analyst Nathan Jones maintains $ESAB Corp (ESAB.US)$ with a buy rating, and adjusts the target price from $118 to $138.
According to TipRanks data, the analyst has a success rate of 68.2% and a total average return of 18.4% over the past year.
Furthermore, according to the comprehensive report, the opinions of $ESAB Corp (ESAB.US)$'s main analysts recently are as follows:
ESAB's shares experienced a significant increase following a strong third quarter performance, coupled with the company's reaffirmed commitment to core outgrowth and accretive capital usage. The company's leadership has confidently updated its 2024 guidance based on robust year-to-date achievements and current run-rate trends. The ongoing success is partly due to the company's outgrowth in the HGM sector, beneficial mix shifts from North American equipment share gains, and the flexibility in capital deployment.
The company has recorded another quarter of surpassing expectations and raising future outlooks, with its revamped equipment lineup contributing to market share expansion. Solid demand from the Middle East, India, and Southeast Asia has led to a stronger volume performance in the International segment. Despite these positive developments, a neutral stance on the stock is maintained due to the rapid pace of valuation multiple changes.
ESAB has continued to deliver robust operating performance and improved margins even amidst a tougher market environment. The company is garnering recognition for consistently demonstrating exemplary execution within a fluctuating core welding demand landscape.
Note:
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Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
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