Wedbush Downgrades Perma-Fix Environmental Services (PESI) to Neutral; Impact From Reduced Government Small-Project Spending

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Wedbush downgraded Perma-Fix Environmental Services (NASDAQ: PESI) from Outperform to Neutral with a price target of $1.50 (from $2.50).

Analyst, Al Kaschalk, said, "Our downgrading of the shares of Perma-Fix is predicated on the following: (i) lower seasonal treatment volumes and spending by the Department of Energy (DOE) in CY12; (ii) an increase in cost-reduction efforts associated with the integration of Safety and Ecology Holdings Corp. (SEC) given the lower economic activity for SEC’s client base; and (iii) increased spending on larger multi-year DOE projects versus smaller, recurring projects such as waste treatment and processing."

FY12 EPS estimate cut from $0.12 to $0.06, revenues from $165.1M to $160.1M. FY13 EPS estimate cut from $0.16 to $0.09, revenues from $167.9M to $163.7M.

For an analyst ratings summary and ratings history on Perma-Fix Environmental Services click here. For more ratings news on Perma-Fix Environmental Services click here.

Shares of Perma-Fix Environmental Services closed at $1.15 yesterday, with a 52 week range of $1.00-$1.90.

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