Wells Fargo has upgraded Ecolab from equal weight to overweight, citing the company's role in AI infrastructure. The bank raised its price target for Ecolab shares from $315 to $380, representing a potential 25% upside from the closing price on November 12, 2026.
Ecolab aims to grow its Global High-Tech business to $4 billion in annual sales by 2030, maintaining a 25% operating margin. This growth strategy includes the $4.75 billion acquisition of CoolIT Systems, which specializes in direct-liquid-cooling technology for data centers.
The company reported 7% organic sales growth in the third quarter of 2026, with results released between October 27 and October 28. This performance was largely driven by demand for water treatment and cooling services within the high-tech and data center sectors.
The new price target of $380 from Wells Fargo exceeds the current Wall Street consensus, which averages between $332 and $333. Investors are monitoring the integration of CoolIT Systems and the ability of the high-tech unit to meet its long-term financial targets.
