Canaccord Adams Downgraded American Ecology (ECOL) to Hold
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Canaccord Adams downgraded American Ecology (Nasdaq: ECOL) from Buy to Hold, following third quarter results
Analyst Eric Prouty stated, "With the absence of the Honeywell contract, American Ecology will see a corresponding revenue decline in Q4 and beyond." He added, "While we had already factored this event into our model, it appears that consensus estimates haven't yet. We expect to see consensus EPS estimates come down significantly due to the absence of Honeywell and American Ecology's lowered EPS guidance for 2009. Meanwhile, general business conditions for the company remain difficult primarily due to the weak economy. Brownfield clean-up work is slow and not likely to improve meaningfully in the near term, in our view."
The firm lowered their 2009 and 2010 EPS estimates to $0.78 and $0.75, respectively, down from the prior estimate of $0.80 in each year.
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