UPDATE: Goldman Sachs Downgrades Republic Services to Buy Following Removal from America's Conviction List
In a report published Thursday, Goldman Sachs analyst Alex Ovshey downgraded the rating on Republic Services (NYSE: RSG) from Conviction List-Buy to Buy, but reiterated the $37.00 price target.
In the report, Goldman Sachs noted, “We remove Republic Services (RSG) shares from the Americas Conviction List (CL) but maintain our Buy rating and $37, 12-month price target, which implies 10% upside potential. We are removing RSG from the CL list as we believe valuation is now less compelling after the recent move up in shares, and we see relatively more compelling risk/reward elsewhere across our Basic Materials / Industrials coverage. However, we maintain our Buy rating on shares of RSG, as we still see 9% average upside to 2013-2015 consensus EPS estimates reflecting the inflection that we forecast for MSW volume and pricing, and view valuation as solid on our 2014 estimates. Since added to the Americas Conviction list on 12/04/2012, RSG shares are up 17.9% vs. S&P 500 up 15.6%. Adjusting for beta, RSG shares have outperformed the market (S&P 500) by 7.0%. Over the past 12 months, shares are +30% vs. S&P 500 +24%.”
Republic Services closed on Wednesday at $33.59.
Latest Ratings for RSG
|Sep 2014||Stifel Nicolaus||Maintains||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.