Needham & Company Reiterates a 'Buy' on CECO Environmental (CECE); Raising Numbers as Strategy Pays Off

Needham & Company reiterates a 'Buy' on CECO Environmental (NASDAQ: CECE) price target raised from $7 to $9.

Analyst, Michael Lew, said, "The strategy to prune off lower margin businesses is paying off as the company delivered a quarter of solid financial performance. In
our view, the increasing global focus on pollution abatement will benefit CECO Environmental and expect the company to deliver solid financial performance in upcoming quarters."

"Our price target of $9 (from $7) is based on 15.5x our fiscal 2012 operating EPS estimate of $0.58 (from $0.52). We believe this multiple is warranted given the company’s focus on higher margin initiatives and strategic emphasis on the faster growing China and India markets."

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 $7.40 yesterday.

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