Ceco Environmental price target raised to $28 from $24 at Lake Street

Lake Street raised the firm’s price target on Ceco Environmental to $28 from $24 and keeps a Buy rating on the shares. The firm believes Ceco is showing good progress on its strategic transition and long-term goals and views yesterday’s negative share price move as “an overreaction” to the 15% decline in orders in Q4 that “misses the overall business momentum.” Orders are historically lumpy and Ceco continues to execute a strategic transition from a cyclical, project-driven business to a more predictable and higher-margin diversified environmental and pollution control equipment business, the analyst tells investors.