Noting 'Outlook in '11 that Could be Above Expectations', Wunderlich Reiterates Buy Rating on US Ecology (ECOL)

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Wunderlich Securities reiterates its Buy rating on shares of US Ecology Inc.
ECOL
Monday, noting that "Event business activity has rebounded and the outlook in 2011 could be above expectations." US Ecology provides radioactive, hazardous, polychlorinated biphenyls (
PCB
) and non-hazardous industrial waste management and recycling services to commercial and government entities. ECOL is scheduled to report 1Q11 results before the open on Tuesday, May 03, 2011. Consensus EPS is $0.18 versus Wunderlich estimates of $0.15. Consensus 1Q11 estimates forecast revenue growth of 50.6% to $29.4 million versus Wunderlich estimates of $30.3 million. Michael E. Hoffman, Director of Research at Wunderlich, notes that "Customer sentiment in the base business is clearly “things are getting better” and several segments are seeing very strong demand, which translates into increased hazardous waste volume." Wunderlich maintains a $20 price target on ECOL. Hoffman comments that Wunderlich's "price target implies a FY11 EBITDA multiple of 9.4 times on FY11 EBITDA of $45mm. There is a realistic prospect of an upside surprise to EBITDA in FY11." Shares of ECOL closed higher by 1.7% on Friday, to $18.36.
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Posted In: Analyst ColorEarningsNewsAnalyst RatingsWunderlich Securities
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