UPDATE: Credit Suisse Raises PT to $68 on Ecolab; Lower Risk of Earnings Miss

Credit Suisse says in a recent note that it raises its price target on Ecolab

while reiterating its Neutral rating on shares. Credit Suisse comments, "Our F2012 EPS estimate is raised to $2.55 from $2.52. While the results in the quarter were not great, the company executed well in a tough oilseeds environment and delivered better ethanol results than we feared. This reinforces our conviction that the company's transition to a more ROIC-focused management is working, and that ADM is set up for a much stronger FY 13. We expect ADM to benefit from a 12-14% increase in U.S. corn production, strong origination out of North America in the fall to compensate for the weak Brazilian soy crop, temporary shutdowns of 14-15 "destination" ethanol plants by competitors outside of the corn belt, and full realization of $150 million in savings from workforce reductions and the elimination of financial reporting redundancies by March, 2013." ECL closed at $64.34 on Tuesday.