KeyBanc Upgrades Waste Management (WM) to Overweight

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."

For an analyst ratings summary and ratings history on Waste Management click here. For more ratings news on Waste Management click here.

Shares of Waste Management closed at $65.51 yesterday.

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