Ecolab Inc. (ECL)

[Timothy Smith]

Ecolab (ECL -2.9%) is downgraded to Hold from Buy with a $125 price target at Deutsche Bank, which says that upside is limited in the near-term with ECL trading at 27x estimated 2015 EPS and shares are at a 60% premium to the S&P, in-line with its three- and five-year average relative P/Es.

While the firm sees ECL delivering on its Q3 and 2015 EPS targets, it also believes consensus 2016 EPS estimate of $5.16 is too high given continuing forex headwinds and moderating global growth.