UPDATE: Cantor Fitzgerald Reiterates Buy Rating, Raises PT on CECO Environmental Corp.
In a report published Monday, Cantor Fitzgerald reiterated its Buy rating on CECO Environmental Corp. (NASDAQ: CECE), and raised its price target from $10.00 to $11.50.
Cantor Fitzgerald noted, “CECO Environmental Corp. reported a solid quarter on November 7 with record earnings above our estimate in spite of revenues down slightly. The highlight was the strong bookings, which led to a three-year high in backlog. The company is seeing a general improvement in the market for air pollution control equipment. We estimate that the company is getting 10% of its revenues from gas-fired power plants, and we expect this segment to grow strongly over the next year.”
CECO Environmental Corp. closed on Friday at $9.38.
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