ESAB price target lowered to $120 from $130 at Stifel

Stifel lowered the firm’s price target on ESAB to $120 from $130 and keeps a Buy rating on the shares. Over the past quarter, the tone in general from Diversified Industrial companies has been cautious, with concerns around choppy short cycle demand and delayed capital spending, as well as declining expectations for machinery production, says the analyst, who is “generally cautious on the group” around Q2 earnings, with a preference to be more defensively positioned.