KeyBanc Upgrades Waste Management (WM) to Overweight
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KeyBanc upgraded Waste Management (NYSE: WM) from Sector Weight to Overweight with a price target of $74. Analyst Joe Box sees further price, volume and margin gains.
"Following recent management meetings, we are upgrading WM to Overweight and introducing a $74 price target due to: 1) positive volume inflection with particular emphasis on its Commercial line; 2) our expectation for continued margin gains from cost and price tailwinds; and 3) our view that solid waste should remain thematically popular due to defensive characteristics and valuations could become increasingly favorable vs. the broader market," said Box. "Though not a new story, we believe positive fundamentals and firm-specific catalysts could drive earnings/FCF growth to make WM a core defensive holding."
Shares of Waste Management closed at $65.51 yesterday.
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