UPDATE: Ladenburg Thalmann Downgrades Heckmann; Lowers PT

According to a research report published this morning, Ladenburg Thalmann has downgraded Heckmann

from Buy to Sell, and reduced PT from $7 to $3.25. In the report, Ladenburg Thalmann said, "We believe our previous investment thesis is impaired, and prior valuations are unlikely to be realized over the foreseeable time horizon. Data suggests strong possibility of further disappointing results, and shares should be avoided pending better visibility into the earnings power of existing assets, in our view." Heckmann closed Friday at $4.09.