UPDATE: J.P. Morgan Downgrades Progressive Waste Solutions to Neutral, Reiterates $24 PT

In a report published Wednesday, J.P. Morgan & Co. downgraded its rating on Progressive Waste Solutions Ltd. BIN from Overweight to Neutral, and reiterated its $24.00 price target. J.P. Morgan noted, “We rate BIN Neutral. Although BIN has attractive growth prospects in a number of its markets, we think the company is vulnerable to external headwinds such as deterioration in commodities (particularly in the Northeast) and competitive pricing conditions (given its exposure to open markets). While we view the company's growth strategy and balanced cash deployment plan favorably, we await further visibility regarding a recovery in macro, industry and commodity market conditions before becoming more positive on the stock.” Progressive Waste Solutions Ltd. closed on Tuesday at $21.06.