CECO Environmental Corp (CECO) PT Raised to $110 at Needham
Needham analyst James Ricchiuti raised the price target on CECO Environmental Corp (NASDAQ: CECO) to $110.00 (from $90.00) while maintaining a Buy rating.
The analyst commented: "We came away from CECO’s update call yesterday on the Thermon acquisition more confident about the strong momentum in the underlying CECO standalone business, as well as from the revenue and adj. EBITDA contribution from the newly added Thermon business and cost and revenue synergies from the combination of the two companies. As for standalone CECO, mgmt said orders in the June quarter will be another record and up >22% sequentially. CECO said the Thermon integration is off to a good start, with the potential for better cost synergies. The 2026 revenue and adj. EBITDA guidance raise only reflects Thermon. Mgmt expects 15-25% top-line growth longer term, along with low-to-high teens adj. EBITDA margin from the “new” CECO for the next several years. Reiterate Buy and raise P.T. to $110 from $90."