Brean Murray Downgrades Veolia Environnement (VE) to Hold; Recommends Moving to Sidelines
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Brean Murray downgrades Veolia Environnement (NYSE: VE) from Buy to Hold.
Brean analyst says, "Veolia Environnement's 1H09 results were below expectations. Revenues of $17,426.9 million were disappointing, as all four reporting segments fell short of our expectations. On the bottom line, net income of $220.3 million was significantly below our $360 million estimate, even after adjusting for net income from discontinued operations of $56.4 million. We've lowered our forward estimates, and based on the results of our summary valuation analysis, we are downgrading the shares from Buy to Hold. We recommend investors move to the sidelines and await identifiable catalysts before once again adding to or taking new positions."
To see more analyst ratings on VE Click Here.
Veolia Environnement, together with its subsidiaries, provides environmental management services to public authorities, individuals, and industrial and commercial customers worldwide.
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