UPDATE - Barclays Upgraded Covanta (CVA) to Overweight; Positive on Increased Dividend and Buyback

UPDATE - Barclays upgraded Covanta (NYSE: CVA) from Equalweight to Overweight, price target raised from $18 to $20.

Analyst, Gregg Orrill, said, "We recommend buying CVA because of 1) Attractive total return potential of 25% to our $20 PT, 2) Highly contracted revenue stream on waste and power contracts, 3) Free cash flow yield of 12% and 4) A reasonable chance at meaningful growth projects in the UK."

Barclays maintains FY12 EPS estimate at $0.64 (vs. $0.60 consensus) and FY13 at $0.76 (vs. $0.69 consensus)

To see more ratings on CVA, Click Here

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