UPDATE: Piper Jaffray Initiates Ecolab at Overweight; Cyclical Concerns Overblown
Piper Jaffray initiated coverage on Ecolab (NYSE: ECL) with an Overweight rating and a $76 price target.
Piper Jaffray noted, "Owning ECL over the next 12 months, in our view, is primarily a call on a positive margin surprise from the Nalco integration and continued growth in energy services. Beyond 12 months, we believe significant upside potential remains from energy platform technologies and an acceleration of margin expansion in Europe. Based on recent performance, the market seems to have recently intensified the debate about how ECL should trade; over the next 12 months, the cyclical concerns will likely yield to the more familiar tone of sustained innovation, share gains, and margin expansion."
Ecolab closed at $64.15 on Wednesday.
Latest Ratings for ECL
|Oct 2014||Deutsche Bank||Maintains||Buy|
|Oct 2014||JP Morgan||Maintains||Overweight|
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