Zacks Investment Research downgraded shares of Republic Services Inc. (RSG) from OUTPERFORM to NEUTRAL on December 03, 2013, with a target price of $37.00.
Republic Services reported strong third quarter 2013 results with year-over-year increase in both revenues and earnings. Republic Services is one of the premier waste management companies in the U.S. and is currently focusing on a series of quality acquisition opportunities. In addition, the company has a healthy liquidity position and has historically returned considerable cash to shareholders through steady dividends and share repurchases. However, increased competitive pressure and soft economic conditions are likely to peg back its profitability to some extent. We are changing our long-term recommendation for the stock from Outperform to Neutral as we anticipate it to perform in line with the broader market.
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