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Lincoln Electric (LECO)

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Lincoln Electric (LECO) recently reported fiscal 2011 third quarter adjusted EPS of $0.66, versus $0.39 in the year-earlier quarter. Total revenue increased 35.0% year over year to $702.0 million.

Lincoln Electric is pursuing a strategy to become more cost competitive by building manufacturing facilities in the low-cost bases of Eastern Europe, besides acquiring companies, which will complement its operations. Lincoln Electric is also implementing various cost-control measures.

Further, the demand for its products is on the rise, leading us to believe that Lincoln Electric will post strong growth on the heels of an economic recovery and investments in the emerging markets. We reiterate our Outperform recommendation with a target price of $46.00.

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