UPDATE: Hilliard Lyons Initiates Coverage on Heckmann Corporation with Long-Term Buy Rating, $8 PT

In a report published Monday, Hilliard Lyons initiated coverage on Heckmann Corporation HEK with a Long-Term Buy rating and $8.00 price target. Hilliard Lyons noted, “We are initiating coverage of Heckmann Corporation (HEK) with a Long-term Buy recommendation and a suitability rating of 4. Our 2-year price target is $8. While the company is ramping up productivity and consolidating acquisitions, we recommend investors commit to a long-term time horizon. Our target is a function of applying an 8x EV/EBITDA multiple to our preliminary 2014 adjusted EBITDA estimate.” Heckmann Corporation closed on Friday at $4.10.