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Bear of the Day

Republic Services Inc. (RSG) became the second largest player in the non-hazardous solid waste industry in the U.S. after its merger with Allied Waste.

Even after a slight decrease in revenues during the third quarter, the company reiterated its dividend at $0.20 per share. The company also reduced its debt sharply by 58% to $2.8 billion in the third-quarter. However, compared with its peers, the company is recovering at a slower-than-expected rate, with revenue hovering around $2.06 billion over the past two quarters.

We have downgraded Republic Services from Neutral to Underperform and set a target price of $26.00. Our target price is $26.00, or 15.3x 2010 EPS.

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