Ceco Environmental price target raised to $34 from $26 at Needham

Needham analyst James Ricchiuti raised the firm’s price target on Ceco Environmental to $34 from $26 and keeps a Buy rating on the shares. The stock staged a strong recovery from the short-lived Q1 pullback after the company disappointed on the top line, and with shares trading near their all-time highs, investors are now more confident that Ceco remains on track to deliver double-digit growth in 2024, the analyst tells investors in a research note. Comments from management last month at an investor conference regarding stepped-up efforts on margin improvement also bodes well for further appreciation in CECO shares, particularly if the company can maintain prior guidance for a book-to-bill of 1.1, the firm added.