The initiation of coverage by Scotiabank with a Sector Perform rating and a specific price target provides a neutral to positive outlook for Republic Services. While the Sector Perform rating suggests that the stock might perform in line with the sector, the setting of a price target can be seen as a positive signal, indicating a specific valuation that Scotiabank believes the stock can achieve. However, the impact on the stock price in the short term is likely to be neutral, as the rating does not suggest outperformance.