Next Generation Research Downgrades Metalico (MEA) to Neutral
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Next Generation Research downgrades Metalico (AMEX: MEA) from Buy to Neutral. Price target lowered from $16 to $5.
Analyst says, "We are lowering our 2009 EPS estimate to $0.34. We are maintaining our target multiple to 15x reflecting our belief that 2009 represents trough earnings, offset by our concerns about a weak pricing environment and broader economic uncertainty. We are downgrading Metalico to NEUTRAL and lowering our price target to $5.00 which is based on 15x our 2009 EPS estimate of $0.34."
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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