FBR Capital Downgrades CECO Environmental (CECE) to Market Perform

FBR Capital downgraded CECO Environmental (NASDAQ: CECE) from Outperform to Market Perform after shares hit their price target of $17.00.

Analyst Ajay Kejriwa notes, ". CECO's shares have nearly tripled (up 185% vs. S&P 500 up 56%) since our initial buy recommendation on September 15, 2011 as our investment thesis played out with the company benefiting from portfolio restructuring and margin improvement initiatives under new CEO Jeff Lang. The company has also successfully executed on a number of bolt-on acquisitions including Aarding and Adwest, expanding the breadth of its products and markets. The recent acquisition of Met-Pro has also enhanced the company's presence in the attractive energy markets. That said, we believe these positives are perhaps adequately reflected in the stock and see limited upside to consensus numbers."

The firm is revising 2014 revenue/EPS estimate from $312 million/$1.15 to $281 million/$1.05 and introducing 2015 EPS estimate of $1.20.

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 $16.47 yesterday.

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