UPDATE: KeyBanc Capital Markets Initiates Progressive Waste Solutions at Hold on Risk/Reward

KeyBanc Capital Markets initiated coverage on Progressive Waste Solutions

with a Hold rating. KeyBanc Capital Markets said, "We believe BIN's exposure to the Canadian economy should provide a better operating environment relative to its public competitors. In 2011, BIN derived 41.2% of total revenues and 48.2% of consolidated EBITDA from its Canadian operations, far greater than its peers. We note, in the 2009-2011 time frame, BIN's Canadian volume growth exceeded its peer group by a solid 440 bps; similarly, pricing gains outpaced the group by 80 bps over the same period. We expect the outperformance to persist in 2013, resulting in robust top-line and margin opportunity for BIN's Canadian business." Progressive Waste Solutions closed at $20.33 on Thursday.