CECO Environmental (CECE) PT Lowered to $16 at Needham & Company; 'Buy' Maintained

Needham & Company analyst Sean Hannan lowered his price target on CECO Environmental (NASDAQ: CECE) to $16.00 (from $18.00) after Q4 results missed views. However, the analyst maintained a Buy rating on the stock.

Hannan commented, "Overall, we remain comfortable with CECE's bolt-on strategy and underlying market fundamentals that should create improved returns for shareholders despite its 4Q miss and elements of organic business contraction. Specifically, we are encouraged by the strength of CECE's overall backlog as well as growth contributions that should come from recently acquired Emtrol and Zhongli. Consequently, with valuation currently at low historical levels and improvement in margins and earnings on the horizon, we maintain our Buy."

The firm moved FY 2015 EPS from $0.34 to $0.31.

For an analyst ratings summary and ratings history on CECO Environmental click here. For more ratings news on CECO Environmental click here.

Shares of CECO Environmental closed at $14.55 yesterday.

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