UPDATE: Wedbush Lowers Republic Services' PT

According to a research report published this morning, Wedbush has reduced Republic Services' RSG PT from $32 to $31. In the report, Wedbush commented, "Reiterate OUTPERFORM although cut in outlook and non-GAAP EPS likely to pressure shares. Despite what is expected to be a down day for the shares, we are maintaining our positive stance on shares of Republic Services (RSG) after the disappointing cut in guidance for 2012. While non-GAAP EPS was in-line with our estimate and $0.04 below consensus, management cut their 2012 outlook and related guidance due to: (i) management's previously optimistic economic forecast; (ii) predatory pricing environment resulting in lost volumes; and (iii) higher cost environment related to longer-term operational improvements." Republic Services is currently trading at $27.55.