Wunderlich Reiterates Buy Rating, $27 Target On IESI-BFC Ltd. (BIN)

Wunderlich is maintaining its Buy rating and $27 price target after IESI-BFC Ltd.

reported strong results yesterday. In the research report, Wunderlich writes, "We reiterate our Buy rating on IESI-BFC (

) and price target of $27.00 USD per share. Not surprising, BIN produced solid 2Q10 earnings and Waste Services (

) had very good results. As such, pro forma 2010 moved up to sales of nearly $1.7B and EBITDA of about $500mm. 2H10 NewCo guidance is in the neighborhood of the pro forma, leaving room for an upside surprise but not sandbagging either. We believe the outlook for free cash flow (

) is good but also reflects that integrating two companies will cost some cash to complete. More to the point, 2011 is poised for exciting upside in top line, margins, and FCF, in our view." Shares of IESI-BFC Ltd. are trading at $22.58, down 3 cents. See Some of the Top Moving Indexes