Waste Management (WM) Reiterated Hold at Jefferies After Earnings
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Jefferies analyst Hamzah Mazari reiterated a Hold rating and $126.00 price target on Waste Management (NYSE: WM) after the company reported Q4 EPS of $1.13 versus consensus of $1.09 and Q3 EBITDA of $1,142mm versus consensus of $1,145mm. The beat came from better than expected declines in volume offset slightly by higher SG&A. Guidance for 2021 full year FCF was $2.25-2.35bn compared to consensus of $2.23bn and revenue growth of 10.75-11.25% (including ADSW) vs consensus of 11.35%.
The analyst stated "What to do with WM shares: Hold on to what you own if you think operating leverage can improve with greater push on landfill pricing, benefits of technology spend and a volume recovery post vaccine. Longer term, there could also be further upside around ADSW synergies."
Shares of Waste Management closed at $113.43 yesterday.
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