ESAB downgraded to Hold from Buy at Stifel

Stifel downgraded ESAB (ESAB) to Hold from Buy with a price target of $130, down from $138. The firm downgraded five industrial names, saying the stocks at or near its target prices. The valuations are now reflecting their industry-leading performance, the analyst tells investors in a research note. At these valuations Stifel sees better risk/reward opportunities elsewhere in its coverage.