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In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Ecolab
ECL, and raised its price target from $77.00 to $88.00.
Deutsche Bank noted, “Light Q1 guidance more than offset by strong results at Nalco and Europe. Buy. Ecolab shares rose 4% following an in-line Q4 earnings release as below consensus Q1 '13 guidance was more than offset by strong Q4 results at Nalco (EBIT +47%) and Ecolab's European cleaning business (EBIT +48%), a reasonable explanation for the Q1 shortfall (tough Energy comp, pension, sale of vehicle care) and reaffirmed '13 EPS guidance of +13-17% ex Champion and +16-20% with Champion. With the European restructuring gaining traction (margins +110 bps in '12; another 100bps in ‘13E), the $2.2B Champion acquisition (on track to close by quarter end) likely to accelerate upstream growth in Energy (shale, oil sands) and valuation a fair 21.5x ‘13E EPS, Buy.”
Ecolab closed on Tuesday at $75.84.
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