Morgan Joseph Downgrades Metalico (MEA) to Hold
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Morgan Joseph downgrades Metalico (AMEX: MEA) from Buy to Hold.
Morgan analyst says, "We are lowering our rating on Metalico to Hold from Buy as we believe falling commodity prices and volumes, along with a weak overall economy, diminish the company's earnings outlook. Metalico, Inc. reported 3Q08 (September) operating results below our expectations. The Y/Y improvement in reported EPS was the result of an accounting gain; lower commodity prices during the quarter, particularly among Platinum Group Metals (PGM), weighed on operating results. While we still believe the longer-term trends for scrap metal remain favorable, we think falling commodity prices and lower volumes, mixed with a weak overall economic outlook in the near-term, have dampened the near-term earnings outlook."
Metalico, Inc. (Metalico) is a full-service metals recyclers in upstate and Western New York, with seven recycling facilities located in that regional market.
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