Stifel Downgrades Waste Management (WM) to Hold

Stifel analyst Michael Hoffman downgraded Waste Management (NYSE: WM) from Buy to Hold with a price target of $171.00 (from $185.00).

The analyst comments "We are lowering our rating and target price on Waste Management from a Buy to Hold and to $171 from $185 (WM, Hold, $161.79). We have revisited our analysis of FCF to account for the accelerated capital spending for recycling modernization and renewable natural gas. We account for the benefit of these investments beginning in 2023 and peaking in 2026. We adjusted our 10-year FCF growth from 9.6% to 8.4%. Our discount rate is 8%. The impact is to lower the target price to $171 from $185. Upside to our valuation would be a better than forecast outcome from the accelerated capital spending and an improvement in the long term FCF growth outlook."

For an analyst ratings summary and ratings history on Waste Management click here. For more ratings news on Waste Management click here.

Shares of Waste Management closed at $161.79 yesterday.

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