UPDATE: UBS Starts Advanced Disposal Services (ADSW) at Buy
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(Updated - October 31, 2016 10:40 AM EDT)
UBS initiated coverage on Advanced Disposal Services (NYSE: ADSW) with a Buy rating and a price target of $25.
Analyst Steven Fisher said, "We think ADSW stock is attractive because it has both growth and defensive characteristics. The waste industry has proven to be resilient in various economic cycles, and ADSW's positioning provides it with both organic and inorganic opportunities that we expect to drive above market growth. We also expect deleveraging to support the multiple. There are four main reasons why we are positive on Advanced Disposal's growth prospects. 1) UBS Evidence Lab geospatial analysis indicates that there is potential for geographic expansion. 2) The market remains fragmented and there are opportunities for consolidation through tuckin acquisitions. 3) The largest peers are mature and more focused on returns with targeted growth, and ADSW's scale is smaller enabling faster growth potential. 4) The macroeconomic environment, especially housing, remains supportive. We also expect ADSW to focus on improving cost efficiency to expand EBITDA margins."
Shares of Advanced Disposal Services closed at $20.10 yesterday.
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