J.P. Morgan Downgrades Nalco To Neutral

According to J.P. Morgan, Nalco NLC is downgraded to Neutral. J.P. Morgan said that it is downgrading Nalco shares from Overweight to Neutral following the announcement of its merger with Ecolab (ECL). “We are increasing our 2011E EPS from $1.60 to $1.65 to adjust for the preliminary Q2:11 results Nalco pre-announced this morning. We maintain our 2012 EPS forecast of $2.00 and 2013 EPS projection of $2.35.” Nalco closed yesterday at $35.87.