Ecolab initiated with an Overweight at Piper Sandler

Piper Sandler initiated coverage of Ecolab with an Overweight rating and $260 price target. The firm’s EBITDA estimate is above the 2025 consensus based on a slightly more constructive outlook for key end markets and the increasing value of the products and services Ecolab brings to its customers. This will drive the company’s ability to raise prices in the future, and Ecolab should benefit from continuing multiple expansion as it drives its margin toward 20%, the analyst tells investors in a research note.