Ecolab initiated with a Hold at Berenberg

Berenberg initiated coverage of Ecolab with a Hold rating and $180 price target. The company’s “high-quality” business is also set to benefit from favorable secular trends, such as demand for water efficiency, sanitization and biosecurity, the analyst tells investors in a research note. However, the firm believes Ecolab’s combination of quality and growth appears well understood by the market and fully valued.