JPMorgan has initiated coverage of MSA Safety (NYSE: MSA) with a Neutral recommendation and a $200.00 price objective, which the bank says corresponds to about 10% upside from the stock's prevailing level. The price target is consistent with an analyst high of $200 referenced in InvestingPro data. At the time of JPMorgan's note the share price was quoted at $181.31, about 2% below the 52-week peak of $185.53.
The brokerage's assessment draws on a recent site visit to MSA Safety's headquarters. During that visit the team highlighted several strengths: a leadership position in advanced safety products globally, demonstrated innovation capabilities, and margins that the firm characterizes as resilient. Those operating strengths are reflected in the company's reported 46.5% gross profit margin and a GREAT overall financial health score in InvestingPro's metrics.
JPMorgan listed a handful of possible upside catalysts for MSA Safety. These include new product introductions, regulatory tailwinds that could expand demand for safety equipment, and growth opportunities in the digital safety segment. On a trailing-12-month basis the company has shown steady top-line expansion, with revenue rising 3.3% to $1.86 billion.
Despite acknowledging the company's attractive longer-term fundamentals, JPMorgan chose a Neutral stance. The firm described the stock's risk/reward profile as balanced relative to other names in its coverage universe. JPMorgan said it will watch for clearer evidence of margin improvement and for increased macroeconomic visibility in the coming quarters before considering a change to its outlook.
Separately, MSA Safety Incorporated announced dividend declarations affecting both common and preferred shareholders. The board declared a quarterly common-stock dividend of $0.53 per share, payable on March 10, 2026, to shareholders of record as of February 13, 2026. In addition, the company declared a dividend on its preferred stock of $0.5625 per share, payable on March 1, 2026, to holders of record on that date. The company framed these payouts as part of its continued effort to return value to investors and noted the relevance of steady income for shareholders.
JPMorgan's initiation provides a view that integrates on-the-ground observations with financial metrics. The Neutral rating signals that while MSA Safety has notable strengths, the broker sees the near-term upside as limited absent clearer signs of margin expansion or a more favorable macro backdrop.