Morgan Stanley analyst Vincent Andrews upgraded Ecolab (ECL) to Overweight from Equal Weight with a price target of $280, up from $263. The firm expects higher than historical incremental margins as the company’s volume trends improve. A 20% operating income margin target will likely be achieved by 2026 and its 12-15% earnings growth algorithm is “potentially conservative,” the analyst tells investors in a research note. Ecolab is Morgan Stanley’s top pick in both specialty chemicals and chemicals overall. It sees an attractive risk/reward with “just” 20% downside to its bear case but 50% upside to its bull case.
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