Lincoln Electric Holdings shares up on profit rise

The stock gained $7.27, or 9.8 percent, to close at $81.70.

The Cleveland-based company said it earned $1.62 per share, well above the $1.38 per share analysts polled by Thomson Financial expected, on average.

Barrington Research analyst Walter Liptak said the results show the global welding market is growing as more ships and other items are built across the world.

Additionally, Liptak noted growth rates did not slow down in Europe, as expected.

He rates shares "Outperform" with an $85 price target, implying he expects the stock to jump 14 percent above Tuesday's $74.43 close.

Utendahl Capital Partners analyst Seaver Wang said the results came as a surprise.

"They seem to be managing (high raw materials prices) quite nicely," Wang said.

He rates shares "Overweight."