LECO - Resilient performance prompts Barclays to upgrade AGCO and Lincoln Electric

Despite the unpredictability of the COVID-19 pandemic, machinery and construction end-markets have performed with relative levels of resilience.On that note, Barclays analyst Adam Seiden upgrades Lincoln Electric ([[LECO]] +1.5%) (Overweight, PT $117) and AGCO ([[AGCO]] +1.3%) (Equal-Weight, PT $92), saying market outlooks have been favorable and management should highlight sequential improvement in Q3.LECO has a best-in-class return profile and diverse exposure to a global manufacturing recovery into 2021, adds Seiden, while the agriculture end market for AGCO has been strong.Heading into the Q3 earnings season, he also expects the top focus for investors will be on machinery cycles/sales trends over margin beats, as temporary costs come back into the business.Source: Bloomberg First Word

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Resilient performance prompts Barclays to upgrade AGCO and Lincoln Electric