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Lincoln Electric Holdings (LECO)

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Lincoln Electric Holdings (LECO) reported fiscal 2012 first quarter adjusted EPS of $0.76, versus $0.50 in the year-earlier quarter. Total revenue increased 21% year over year to a record $727 million. Both outperformed the respective Zacks Consensus Estimates.

Lincoln Electric continues to focus on its growth strategies, which include acquisitions and new product introductions. Allied with its aim of turning cost-competitive, Lincoln Electric is implementing various cost-control measures. We believe that the company 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 $58.00. Our long-term Outperform recommendation on the stock indicates that it will perform above the overall market. Our $58.00 target price, 18.0x our 2012 EPS estimate, reflects this view.

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