Shares of Rollins declined 6% yesterday in a flat market, potentially driven by a short thesis arguing for a significant downward revaluation, William Blair analyst Tim Mulrooney tells investors in a research note. The analyst says he understands that the short thesis from Hedgeye is based on expected deceleration in revenue growth, stalled margins, branch consolidation, and valuation contraction. He disagrees with each of these points, however, and keeps an Outperform rating on Rollins. Mulrooney expects the company's organic revenue to grow in the 4%-6% range over the next several years, in line with the forecast for the overall U.S. pest control services market.