Credit Suisse Raises ECL Target To $59 From $55

Credit Suisse is raising its price target on shares of Ecolab Inc. ECL to $59 from $55, “which represents roughly a 21X P/E multiple and 9.9X EV/EBITDA multiple on our 2012 estimates (assuming all free cash is put toward net debt reduction in the EV/EBITDA calculation), which we believe is conservative as it remains below ECL's historical multiple range.” “Our revised target provides 18.5% upside including a 1.2% dividend yield and while that is only in-line with the broader group, we believe given the stability of ECL's businesses, the overall risk profile is lower, justifying an Outperform rating,” Credit Suisse writes. Ecolab Inc. currently trades at $50.67.