Zacks Investment Research upgraded shares of Republic Services Inc. (RSG) from UNDERPERFORM to NEUTRAL on February 08, 2013, with a target price of $33.00.
Republic Services reported lackluster fourth quarter and full year 2012 results and missed the Zacks Consensus Estimate for earnings, as the continued challenging macroeconomic environment took its toll on the performance. Republic Services is one of the premier waste management company in the U.S. and is currently focusing on a series of quality acquisition opportunities. In addition, the company has a healthy liquidity position. However, increased competitive pressure and soft economic conditions are likely to peg back its profitability to some extent. Nevertheless, we are changing our long-term recommendation for the company from Underperform to Neutral as we anticipate it to perform in line with the broader market.
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