UPDATE: Goldman Sachs Starts Waste Management (WM) at Sell
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(Updated - November 1, 2016 9:47 AM EDT)
Goldman Sachs initiated coverage on Waste Management (NYSE: WM) with a Sell rating and a price target of $63, implying 2% downside. Analyst Brian Maguire noted lagging growth.
"We see 2% downside to our 12-month $63 price target vs. an average of 10% upside for the remainder of our coverage. While WM’s strategy of emphasizing price over volume is reasonable, we believe that WM’s existing footprint in more competitive urban markets makes it more susceptible to customer churn in response to its pricing efforts. As a result, we expect WM to continue to lag peers in both organic sales and EBITDA growth. Furthermore, WM’s current stretched multiple (vs. its own history) could compress if investor interest low-vol strategies reverses," said Maguire.
Shares of Waste Management closed at $65.66 yesterday.
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