UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Ecolab on Continued Restructuring

In a report published Wednesday, J.P. Morgan reiterated its Neutral rating on Ecolab

, and raised its price target from $71.00 to $74.00. J.P. Morgan noted, “Ecolab is restructuring: GAAP earnings were $2.36 in 2012 versus pro forma earnings of $2.98, which compares to GAAP and pro forma EPS of $2.17 and $2.23 for 2011. We trimmed our 2013 EPS forecast from $3.70 to $3.65 to reflect a one quarter delay in the closing of the Champion merger. Our EPS forecast for 2014 remains $4.50 and we have introduced a 2015 EPS projection of $5.15. Selling in excess of 20x EPS and at 11.7x EBITDA, ECL shares seem fairly valued.” Ecolab closed on Tuesday at $75.84.