Waste Management (WM) PT Raised to $95 at Oppenheimer

Oppenheimer raised its price target on Waste Management (NYSE: WM) to $95.00 (from $92.00) while maintaining an Outperform rating.

Analyst Noah Kaye commented, "Shares rose Wednesday as WM delivered a far better than feared quarter and raised full-year EPS guidance on strength across solid waste business lines. Core price (+5.3%), average yield (+2.3%) and traditional solid waste volume growth (+2.3%) more than offset recycling headwinds and contributed to 40bps margin expansion yr./yr. Looking ahead to FY19, we see opportunity for WM to lead growth with price and to generate 50bps+ headline margin expansion, translating to solid FCF growth even before working capital improvements. We raise our FY19 estimates and increase our price target to $95 (from $92)."

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