UPDATE: Wedbush Lowers PT on Heckmann Corporation $3.50 to $2.50

Wedbush reiterated an Underperform rating on Heckmann Corporation (NYSE: HEK) and lowered its price target from $3.50 to $2.50.

Wedbush noted, “Recent results were clearly disappointing as market conditions weighed on the company's core water business. Revenues and adjusted EBITDA were $5.9 and $4.0 million below our estimates. Adjusted EPS, excluding the $20 million tax benefit and the amortization of deferred financing costs were ($0.05) vs. our estimate of $0.02.”

Heckmann closed at $3.38 on Monday.

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