UPDATE: BMO Capital Markets Downgrades Progressive Waste Solutions

According to a research report published this morning, BMO Capital Markets has downgraded Progressive Waste Solutions

from Outperform to Market Perform. In the report, BMO Capital Markets said, " Progressive is a strong free cash flow generator, which enhances its flexibility. Aside from a turn in the economy, we believe catalysts for the stock include potential acquisitions, other growth investments, tuck-in acquisitions in the U.S. Northeast to improve its competitive position (by increasing density), and share buybacks. Notwithstanding these factors, we are taking a more cautious view on the stock in light of margin pressure that appears to be greater than previously expected and valuation (as the stock is less than 10% from our target price)." BMO Capital Markets maintains its $24 PT on Progressive Waste Solutions, which is currently trading at $21.72.