Ecolab Inc

ECL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$696.00	Ybx	Qtglfcdb

Ecolab Earnings: Pricing Gains Drive Profit Growth as Cost Inflation Subsides

Seth Goldstein

May 2, 2023

We maintain our $210 per share fair value estimate for Ecolab after incorporating the company's first-quarter results into our valuation model. Our wide moat rating is also unchanged.

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