UPDATE: Canaccord Genuity Lowers PT to $23.50 on Progressive Waste Solutions on Lower Guidance
Canaccord Genuity reiterated its Buy rating on Progressive Waste Solutions (NYSE: BIN) but lowered its price target from $25.75 to $23.50.
Canaccord Genuity commented, "BIN modestly reduced its full year guidance as the weak economic conditions persist. The weaker outlook is the main driver of our lower forecast, particularly in 2013E. Beyond 2013E, our thesis is unchanged. We continue to expect strong EPS growth and share price gains from expectations of: 1) stable organic revenue growth, 2) considerable acquired growth considerable acquired growth,, and 3) solid margin expansion."
Progressive Waste Solutions closed at $19.11 on Friday.
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