Needham raised the firm’s price target on Ceco Environmental to $23 from $22 and keeps a Buy rating on the shares. The company delivered stronger-than-expected Q4revenues and margins and raised its expected revenue and adjused EBITDA guidance for this year, and while investors were apparently disappointed there wasn’t a larger increase to the 2024 guidance, Needham believes that estimates can still move higher in 2024 – both from stronger organic growth and possible M&A, the analyst tells investors in a research note.
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