Covanta (CVA) PT Lowered to $17 at Baird Following 4Q Call

Baird lowered its price target on Covanta (NYSE: CVA) to $17.00 (from $19.00) while maintaining a Outperform rating following the company's 4Q conference call. Analyst Ben Kallo believes that shares are likely to face near-term pressure as investors recalibrate expectations following lower-than-expected guidance.

Management indicated that a weaker-than-expected FCF generation in 2018 is a short-term phenomenon and targets $250M of annual FCF by the mid-2020s. The company remains committed to maintaining its current dividend policy.

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