Analyst James Ricchiuti from Needham maintained a Buy rating on Ceco Environmental (CECO – Research Report) and increased the price target to $34.00 from $33.00.
James Ricchiuti has given his Buy rating due to a combination of factors that highlight CECO Environmental’s strong financial performance and promising outlook. The company reported a significant increase in Q1 revenues, growing by 40%, which was notably higher than the anticipated 20% growth. This impressive performance was bolstered by robust gross margins, leading to adjusted EBITDA and EPS figures that surpassed market expectations.
Furthermore, CECO Environmental’s bookings have remained strong, with orders increasing by 57%, contributing to another record backlog. The company’s pipeline is robust, showing no signs of deceleration despite macroeconomic uncertainties. Additionally, CECO has reaffirmed its 2025 revenue and adjusted EBITDA guidance, indicating confidence in its future growth prospects. These factors collectively underpin Ricchiuti’s positive outlook and Buy rating for CECO’s stock.
In another report released today, H.C. Wainwright also upgraded the stock to a Buy with a $33.00 price target.
Based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is neutral on the stock.