Ceco Environmental downgraded to Neutral at H.C. Wainwright after guidance miss

As previously reported, H.C. Wainwright analyst Amit Dayal downgraded Ceco Environmental (CECO) to Neutral from Buy and removed the firm’s previous $35 price target after the company announced preliminary 2024 revenue and adjusted EBITDA below its previous guidance. Though management is maintaining its 2025 revenue and adjusted EBITDA outlook, the firm is “taking a slightly more conservative stance” as it believes the company’s 2025 outlook remains partly dependent on recent acquisitions being quickly integrated and contributing effectively in 2025. Additionally, the firm sees greater uncertainty around the new U.S. administration’s trade policies, which could have an impact on the company’s internationally exposed business.