UPDATE: Deutsche Bank Upgrades Ecolab from Hold to Buy

Deutsche Bank has published a report on Ecolab (NYSE: ECL) upgrading the company from Hold to Buy.

In the report, Deutsche Bank wrote, "Our meeting this week with CEO Doug Baker increased our confidence that Ecolab's proposed $7.5B acquisition of Nalco has the potential to be a growth accelerant for the combined company with near (legacy) Ecolab-like earnings consistency and predictability. With the Nalco acquisition price coming down (by $400MM - lower ECL share price, lower interest cost) and Ecolab's 15.4x 2012E EPS its lowest valuation since the 1990s (ex March 2009), we are upgrading Ecolab to Buy from Hold with a price target of $55, or potential upside of 19%."

Deutsche Bank upgraded Ecolab from Hold to Buy with a price target of $55.00. Ecolab closed Tuesday at $46.26.