Zacks Investment Research downgraded shares of Lincoln Electric Holdings Inc. (LECO) from NEUTRAL to UNDERPERFORM on May 29, 2014, with a target price of $60.00.
We are downgrading our recommendation on Lincoln Electric from Neutral to Underperform with a target price of $60. Lincoln Electric's earnings decreased 1.1% year over year to $0.91 per share in the first-quarter 2014. Total revenue also declined 4.7% year over year to $685 million due to fall in volumes. The company expects top-line performance to remain sluggish in 2014, given its end-market exposure. Lincoln Electric remains cautious about the operating environment in Venezuela due to persistent economic uncertainty and limitation of converting bolivars to the U.S. dollar. Moreover, weakness within the global mining sector, volatility in raw material costs and weakness in China remain headwinds in the near term.
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