Canaccord Genuity maintains a 'Buy' on Metalico (MEA); A Tough End to 2011; Reducing Estimates & Price Target

Canaccord Genuity maintains a 'Buy' on Metalico (NYSE: MEA) price target lowered from $10 to $7.50.

Canaccord analyst, Eric Prouty, said, "Based on more challenging market conditions, we reduce our 2011 and 2012 estimates. Despite these adjustments, we remain positive on MEA given the firm’s various strategic initiatives that we believe have the potential to drive significant earnings growth...As a result, we lower our Q3 revenue/EPS estimates to $173M/$0.08, from $176M/$0.12. We also lower our Q4 estimates to $144M/$0.04, from $162M/$0.10. These changes bring our full-year 2011 EPS estimate to $0.45, from $0.54 previously."

For more ratings news on Metalico click here and for the rating history of Metalico click here.

Shares of Metalico closed at $4.30 yesterday.

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