Credit Suisse Starts Advanced Disposal Services (ADSW) at Outperform
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Credit Suisse initiates coverage on Advanced Disposal Services (NYSE: ADSW) with a Outperform rating and a price target of $24.00.
Analyst Andrew Buscaglia commented, "ADSW is the fourth largest player in the NA waste services sector, with significant upside potential as it enters into a new phase of growth. We view ADSW as a differentiated play, with 80% of sales coming from exclusive franchise and secondary markets, allowing for better pricing and customer retention. ADSW carved out its niche on the Eastern half of the US and is hungry for growth. With the capacity to increase revenues significantly (both organically and through M&A) we see ADSW driving substantial operating leverage across its asset base. We see earnings upside as it realizes cost efficiencies, adds M&A, and de-levers, all of which should ultimately drive multiple expansion. We initiate coverage of ADSW at Outperform with a $24 target price."
Shares of Advanced Disposal Services closed at $20.10 yesterday.
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