UPDATE: Goldman Sachs Starts Republic Services (RSG) at Neutral
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(Updated - November 1, 2016 9:50 AM EDT)
Goldman Sachs initiated coverage on Republic Services (NYSE: RSG) with a Neutral rating and a price target of $52, implying 0% upside.
Analyst Brian Maguire said, "We like RSG’s self-help initiatives that could generate meaningful SG&A savings, and potential volume leverage to a rebound in single-family housing starts. However, RSG’s valuation is currently elevated and could be susceptible to a shift in fund flows to more cyclical sectors unless economic data continues to disappoint. Furthermore, formula-based pricing linked to CPI will likely continue to be a margin headwind in the residential collection channel until a larger percentage of contracts turn over."
Shares of Republic Services closed at $52.63 yesterday.
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