In a report released today, Amit Dayal from H.C. Wainwright maintained a Buy rating on Ceco Environmental (CECE), with a price target of $9. The company’s shares closed yesterday at $8.
Dayal wrote:
“We are projecting CECO’s revenues to grow to $357.2M in 2019 from $337.3M in 2018. We expect gross margins to remain in the 32-34% range during the next several quarters. We believe that CECO’s 4-3-3 plan should help grow the company’s adjusted EBITDA to $32.3M in 2019 from $30.8M in 2018.”
According to TipRanks.com, Dayal is a 1-star analyst with an average return of -1.2% and a 47.6% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Advanced Emissions Solutions, Inc., Ballard Power Systems, and Orion Energy Systems.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Ceco Environmental with a $9.50 average price target, which is a 18.8% upside from current levels. In a report released yesterday, Maxim Group also maintained a Buy rating on the stock with a $10 price target.
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Based on Ceco Environmental’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $931K. In comparison, last year the company had a net profit of $5.76 million.
Based on the recent corporate insider activity of 21 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CECE in relation to earlier this year.
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CECO Environmental Corp. engages in the provision of engineering technology and solutions. It offers services in the field of environment, energy, fluid handling, and filtration. The firm operates through the following segments: Energy Solutions, Industrial Solutions, Fluid Handling Solutions, and Corporate and Other.
