Stifel analyst Michael Hoffman downgraded Republic Services to Hold from Buy with an unchanged price target of $86. While solid waste fundamentals are good, lower commodity prices represent a headwind for Republic Services, Hoffman tells investors in a research note. The latest groups tracking paper and paper production supply and demand have other corrugated cardboard in an oversupply position with limited visibility on that correcting soon, adds the analyst. He believes the company's Q1 "was noisy" and that recycling and weather "add more pressure."