Craig-Hallum boosts Ceco Environmental price target, sees path to a higher stock

Craig-Hallum raised the firm’s price target on Ceco Environmental (CECO) to $103 from $76 and keeps a Buy rating on the shares following “strong” Q1 results. The firm noted that April orders have already eclipsed Q1 on the heels of another record natural gas power generation order as the power generation super-cycle is beginning to gain steam. Craig Hallum added that it sees visibility into multiple years of growth. The firm told investors in a research note that with a multi-year outlook for double-digit growth from secular growth drivers, expanding margins, and a solid balance sheet and free cash flow, and attractive valuation, it continues to see a path to a higher stock over time.