Ecolab price target raised to $172 from $164 at Stifel

Stifel analyst Shlomo Rosenbaum raised the firm’s price target on Ecolab to $172 from $164 and keeps a Hold rating on the shares. After spending four days with management, Stifel believes the historical predictability and lower levels of volatility of numbers is returning, which is expected to be welcomed by its investor base. Stifel has raised its earnings estimates to account for higher pension income, some debt paydown, and tweaked its operating margin expansion trajectory to be less steep in early 2023. While the firm is warming to Ecolab’s story, the new price target does not imply enough upside for a Buy rating.