Ecolab downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded Ecolab (ECL) to Equal Weight from Overweight with a price target of $240, down from $265. The company’s end markets are softening, the analyst tells investors in a research note. It expects Ecolab to guide down organic constant currency growth but maintains its earnings outlook from lower than expected currency headwinds and “aggressive” cost cutting. Macro indicators suggest Ecolab’s end markets are softening as industrial production and PMI continue to contract, Wells contends.