Lincoln Electric price target lowered to $210 from $240 at KeyBanc

KeyBanc lowered the firm’s price target on Lincoln Electric to $210 from $240 and keeps an Overweight rating on the shares. During an investor conference in London this morning, Lincoln reduced its outlook again due to persistent weakness in end markets, the analyst tells investors in a research note. The firm thinks the weakness affecting the company’s business is reflective of the “persistently weak” macro data of recent months to include yesterday’s August PMI reading of 47.2. KeyBanc thinks Lincoln Electric will continue to execute well in challenging conditions, and says there could be potential upside to estimates from capital deployment.