UPDATE: Goldman Sachs Starts Waste Management (WM) at Sell
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
(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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- M&T Bank (MTB) PT Raised to $165 at FBR Capital Following 4Q Beat
- UPDATE: Benchmark Starts Cross Country Healthcare (CCRN) at Buy
- Zayo Group Holdings (ZAYO) PT Raised to $41 at BTIG; Reiterates Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, New Coverage
Related EntitiesGoldman Sachs
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!