Wedbush Upgrades Waste Management (WM) to Neutral

Wedbush upgraded Waste Management (NYSE: WM) from Underperform to Neutral with a price target of $34.00 (from $30.00) after their survey and checks suggest improving volume and price sentiment.

The firm cited: (i) Q4 survey results suggest uptick to landfill volumes in the quarter and into 1H:13, aided by Hurricane Sandy; (ii) 1.5-1.9% base yield (price) in 2013 and 2014, up from sub-1% in 2012; (iii) recovery in commodity prices suggest guidance above our model and more consistent with five-year price average; (iv) uptick in volume and stabilized pricing suggests that downside risk to FCF expectations is significantly reduced.

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 $35.27 yesterday.

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