UPDATE: Citi Upgrades Ecolab to Buy

Citi is out with its report today on Ecolab ECL, upgrading ECL to Buy from Hold. In its report, Citi writes, "We are upgrading ECL to Buy as it fits our defensive theme and we believe shareholders will look favorably to EPS accretion in 2012 (~$0.13/share) and an acceleration of EPS accretion in 2013 (~$0.70/share)." Citi maintains a $49 PT on ECL. Shares of ECL closed Friday at $44.53, down 0.34% from Thursday's close.