UPDATE: JP Morgan Raises PT to $71 on Ecolab on Restructuring Efforts
JP Morgan reiterated its Neutral rating on Ecolab (NYSE: ECL) but raised its price target from $70 to $71.
JP Morgan noted, "Ecolab is likely to reach its 2013 restructuring targets given its restructuring progress, but its timetable for the closing of the Permian transaction may be aggressive. We rate Ecolab Neutral for year-ahead performance. … Given that the two plans eliminate 1,350 positions and we believe that the company has eliminated somewhat more than 800 positions to this point, we believe it is well positioned to capture its $60 million cost target with 550 employees yet to be rationalized and plants to be closed."
Ecolab closed at $69.70 on Wednesday.
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