Wolfe Research analyst Brad Hewitt reiterated a Peerperform rating and {REMOVEPT} price target on Waste Management (NYSE: WM)

The analyst comments "We are initiating coverage of WM with a Peer Perform rating and YE26 fair value range of $202-321 (per Wolfe policy, we do not assign price targets to Peer Performrated stocks). WM is the largest and most established player in the industry with a long history of driving consistent profitable growth. Vertical integration and strong positioning in dense urban markets (WM owns ~30% of all US landfill capacity) provides the company with a significant moat and inherent pricing power. We are in line with consensus estimates across the board for '26/'27; in the absence of a more meaningful volume recovery, we do not expect estimate revisions to be a notable driver in the intermediate-term."

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Shares of Waste Management closed at $238.61 yesterday.