Wedbush Doesn't Mind Stericycle CEO Change-Up

According to a research report released today by Wedbush, Mark Miller, CEO of Stericycle Inc. (NASDAQ: SRCL) will relinquish his title to Charlier Alutto on January 1, 2013.

In the report, Wedbush commented, “While the change was somewhat of a surprise to us, we view the timing as sufficient to facilitate a smooth and adequate transition. With the integration of recent acquisitions adding approximately $180+ million in annualized revenues underway and the focus on penetrating the existing customer base with multiple services, we expect the company to deliver 10-20 bps of gross margin improvement before considering the impact of M&A in 2012. Accordingly, we are reiterating our OUTPERFORM rating and would use any concerns over CEO transition to add to current positions despite approximately a 15% rise in the share price in 2012.”

Wedbush maintains its $100 PT on Stericycle, which closed yesterday at $87.94.