UPDATE: Deutsche Bank Upgrades Ecolab from Hold to Buy

Deutsche Bank has published a report on Ecolab ECL upgrading the company from Hold to Buy. In the report, Deutsche Bank wrote, "Our meeting this week with CEO Doug Baker increased our confidence that Ecolab's proposed $7.5B acquisition of Nalco has the potential to be a growth accelerant for the combined company with near (legacy) Ecolab-like earnings consistency and predictability. With the Nalco acquisition price coming down (by $400MM - lower ECL share price, lower interest cost) and Ecolab's 15.4x 2012E EPS its lowest valuation since the 1990s (ex March 2009), we are upgrading Ecolab to Buy from Hold with a price target of $55, or potential upside of 19%." Deutsche Bank upgraded Ecolab from Hold to Buy with a price target of $55.00. Ecolab closed Tuesday at $46.26.