Ecolab's Valuation After Strong Multi-Year Shareholder Return Run: Is There Still Upside?

Ecolab (ECL) has a strong multi-year shareholder return run, with a 14.5% year-to-date rise and an 83.22% three-year total shareholder return. The stock is currently trading near record highs, with solid earnings growth and upbeat analyst targets. However, investors face a question: is there still upside left to capture or has the market already priced in future gains? The most followed view sees more room for upside, but softer industrial demand and rising local supplier costs could compress margins and undermine the growth and valuation narrative.