Morgan Stanley Initiates Coverage Of Stericycle (SRCL)

Morgan Stanley has initiated coverage of Stericycle Inc SRCL. Morgan Stanley writes, "Stericycle has doubled its market share over the past five years to become 15 times the size of its nearest competitor in the medical waste industry. While we see a minimum of high single-digit organic growth ahead through cross-selling, pricing strength and international expansion, continued M&A is required to drive double-digit growth and justify the stock's current 29x 2012e EPS valuation." SRCL is rated Equal-weight and closed at $92.56 yesterday.