Stifel Downgrades U.S. Ecology (ECOL) to Hold
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Stifel downgraded U.S. Ecology (NASDAQ: ECOL) from Buy to Hold with a price target of $48.00 as they take a wait-and-see approach to FY17 project turnover.
Analyst Michael Hoffman commented, "We are moving to a Hold rating and retaining our $48 target price on US Ecology. The stock has garnered nearly 12-months of stock price appreciation in one week post the US elections. For owners hold it, for interested investors wait-n-see at what level the project pipeline converts into shipments in FY17. Our outlook for FY17 is 2.5% to 3% recurring sales growth coupled with a 10% YoY bounce in project revenue in Environmental Services. Field & Industrial Services is forecast down on a lost retail hazardous waste contract. Margins improve on mix and operating leverage from more volume through the ES infrastructure. We see 4Q16 and 1Q17 as noisy and then clarity on project pipeline conversion emerges into 2Q and the 2H17."
Shares of U.S. Ecology closed at $46.80 yesterday.
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