ESAB price target raised to $138 from $130 at BofA

BofA analyst Sherif El-Sabbahy raised the firm’s price target on ESAB (ESAB) to $138 from $130 and keeps a Buy rating on the shares. The company’s “strong” Q3 results “served to further solidify our view that the firm is a fundamentally mispriced asset and is our top pick across the short cycle names,” the analyst tells investors. The firm expects ESAB to compound earnings and free cash flow to drive further multiple expansion as the manufacturing economy gradually recovers, the analyst added.