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Waste Connections (WCN) Numbers Trimmed at Imperial Capital Post Q3

October 24, 2013 11:33 AM EDT Send to a Friend
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Price: $48.52 --0%

Rating Summary:
    6 Buy, 2 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 25 | Down: 20 | New: 23
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Imperial Capital trimmed its price target on Waste Connections Inc. (NYSE: WCN) from $53 to $51.50 following Q3 results but maintained an Outperform rating.

Analyst Scott Levine comments, "WCN provided first-time guidance for 4Q13, including revenue ($477-480mn) and adjusted EBITDA ($162-163mn) targets that were a bit below our and consensus estimates. We are adjusting estimates accordingly, but are adopting the high end, and note that future acquisitions (and or a restart to share buybacks) offer potential for upside. WCN refrained from providing specific FY14 targets, but pointed to low-to-mid single digit organic growth in solid waste, and 12-15% growth in E&P waste, with 50bp of margin expansion, including a ~20bp hit from the Affordable Care Act. WCN raised its FY13 capex budget by $10mn (to $200mn) to capitalize on bonus depreciation; baseline capex should fall to $185mn in FY14 (though total spend could approach FY13 levels, assuming WCN proceeds with the development of a new E&P landfill in the Eagle Ford)."

For an analyst ratings summary and ratings history on Waste Connections Inc. click here. For more ratings news on Waste Connections Inc. click here.

Shares of Waste Connections Inc. closed at $44.35 yesterday.




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