Jefferies upgraded Ecolab (ECL) to Buy from Hold with a price target of $310, up from $235. The company’s valuation “froth is gone, at least relative to quality peers,” and the mean reversion thesis increasingly “looks misguided,” the analyst tells investors in a research note. The firm says indenter of things benefits for both organic growth and margins “are arguably less than half priced” into the shares. Jefferies expects Ecolab to drive sales growth through penetration in emerging markets and market share gains in core geographies.
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