UPDATE: Wedbush Securities Upgrades Heckmann Corporation to Neutral, Raises PT
In a report published Wednesday, Wedbush Securities upgraded its rating on Heckmann Corporation (NYSE: HEK) from Underperform to Neutral, and raised its price target from $2.50 to $4.00.
Wedbush noted, “While the company's core water business is likely experiencing continued pressure from a challenging environment, the proposed merger should dramatically lift EBITDA, while providing HEK access to a more attractive liquid shale play. Given the higher level of EBITDA and the accretive nature of the acquisition, we are raising our rating to NEUTRAL from UNDERPERFORM. We are also raising our price target to $4.00 from $2.50. We will look to adjust our estimates once more detailed information on the financials becomes available.”
Heckmann Corporation closed on Tuesday at $3.71.
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