UPDATE: Bank of America Merrill Lynch Lowers PO on Ecolab to $62

Bank of America Merrill Lynch is out with its report today on Ecolab ECL, lowering its PO from $68 to $62. In a note to clients, Bank of America Merrill Lynch writes, "To reflect a longer pathway to regaining prior valuation multiples (e.g., mid-2012), we are lowering our price objective by $6 to $62 based on 22x (previously 24x) our unchanged 2012 EPS estimate of $2.83. We are awaiting further details before including Nalco in our estimates. Ecolab reports 2Q results before the market opens on Wed., 7/27." Bank of America Merrill Lynch maintains Buy on ECL. Shares of ECL closed Monday at $51.98.