UPDATE: Baird Downgrades Waste Management (WM) to Neutral
Baird analyst David Manthey downgraded Waste Management (NYSE: WM) from Outperform to Neutral with a price target of $122.00.
The analyst comments "The stocks have made no progress over the past year against a broader market that has rallied more than 15% as investors have favored pro-cyclical reopening plays over more steady, quality growth names. Valuations have contracted, but remain near absolute historical highs. Given the current setup, we advocate an equal-weight position in municipal solid waste (MSW) stocks in the current environment."
Shares of Waste Management closed at $113.25 yesterday.
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