<div id="subtitle">Shares of IESE-BFC, Waste Services climb after Raymond James analyst upgrades to 'Strong Buy'</div><div><p>Shares of Waste Services Inc. and IESI-BFC climbed Monday after an analyst upgraded the waste disposal companies, citing a favorable view of their planned merger announced last month.</p><p>Shares of Waste Services rose 47 cents, or 5.6 percent, to close at $8.93, hitting a 52-week high of $8.96 earlier in the session. Shares of IESE-BFC gained 73 cents, or 4.9 percent, to finish at $15.73, also reaching a 52-week high during the day's trading.</p><p>Raymond James analyst William H. Fisher upgraded shares of both companies to "Strong Buy" in a note to investors on Monday. He said the Canadian companies will benefit from cost reductions as they consolidate overlapping operations in several markets in Ontario.</p><p>Fisher added that strong free cash flow resulting from the merger "would give ample firepower to either reduce debt, pursue acquisitions or raise the dividend."</p><p>The companies announced the merger on Nov. 11, saying it will create North America's third-largest solid waste management company with nearly $1.5 billion in pro forma revenue. The merger is expected to close in the first calendar quarter of 2010, with the combined company headquartered in Toronto.</p><p>The companies said the merger will generate $25 million to $30 million in cost efficiencies from the reduction in operating, general and administrative costs.</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=65425653&bid=informcom" /></div><div id="copyright"><div>

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