A new report by Longbow Research analyst Eli Lustgarten painted a grim picture of the U.S. welding industry. Longbow has downgraded Lincoln Electric Holdings and cut estimates for Lincoln and rivals Illinois Tool Works Inc. ITW 0.02% and Colfax Corp CFX 3.19%.

What’s Happening?

According to Lustgarten, the combination of weak commodity prices and lackluster manufacturing numbers is severely impacting the welding industry. Longbow is predicting that, without any foreseeable catalysts in the near term, the industry will continue to struggle at least through the end of 2016.

Outlook

Lustgarten predicts…

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