Ecolab initiated with Outperform on recurring sales at Raymond James

Raymond James last night initiated coverage of Ecolab with an Outperform rating and $210 price target. As one of the leading players in water treatment chemicals, the company’s revenue from the water value chain is nearly all recurring, the analyst tells investors in a research note. The firm says Ecolab’s sales to the foodservice, hotel, hospital, and pharmaceutical industries also have strong predictability.