ESAB upgraded to In Line from Underperform at Evercore ISI

Evercore ISI analyst David Raso upgraded ESAB (ESAB) to In Line from Underperform with a price target of $120, down from $122. Along with Q4 earnings, the company provided a soft initial FY25 view that was “understandably sold off,” but while consensus will come down and the firm’s estimates have been lowered, its analysis “suggests enough cushion is baked into ESAB’s guide,” the analyst tells investors. Citing the recent stock weakness, along with “a few elements that could break its way to render the guide particularly conservative,” the firm is upgrading ESAB back to In Line after having downgraded shares in November of 2024, the analyst explains.