Wedbush Starts Advanced Disposal Services (ADSW) at Neutral
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Wedbush initiates coverage on Advanced Disposal Services (NYSE: ADSW) with a Neutral rating and a price target of $21.00.
Analyst Al Kaschalk commented, "We believe Advanced Disposal Services’ (ADSW) geographic presence positions them to benefit from demographic trends in the markets they serve, experience organic growth from municipal contract wins along with strategic acquisitions to vertical integrate and/or geographically expand. With the net debt/adjusted EBITDA (AEBITDA) ratio ~4.7x and nearly all free cash flow generation to service debt reduction, inorganic growth is limited to small collectionoriented transactions. With catalysts (inflation, debt repayment and limited inorganic growth) well known, we see limited upside surprise to EBITDA margin and view the shares as fully valued and look for a better entry point."
Shares of Advanced Disposal Services closed at $20.00 yesterday.
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